RBC Capital Raises Price Target on Wix.com (WIX) Following the Company's 3Q Beat

November 11, 2016 1:59 PM EST
Get Alerts WIX Hot Sheet
Price: $53.45 -1.11%

Rating Summary:
    10 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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RBC Capital reiterated a Sector Perform rating on Wix.com (NASDAQ: WIX), and raised the price target to $52.00 (from $45.00), following the company's 3Q earnings report. Revenue of $75.6MM beat Street estimates of $72.8MM and guidance. EBITDA of $11.4MM also came in materially ahead of the Street estimates of $9.5MM. Q4 Revenue guidance of $93-94MM is ahead of the Street’s $77MM estimate and prior guidance of $75-76MM.

Analyst Mark Mahaney commented, "Wix posted a Q3 beat and raised Q4 guidance above Street expectations. The company’s key top-line growth rates aren’t showing any signs of deceleration while underlying metrics improve. Incrementally more positive but maintain Sector Perform on valuation. Raise PT to $52."

For an analyst ratings summary and ratings history on Wix.com click here. For more ratings news on Wix.com click here.

Shares of Wix.com closed at $47.85 yesterday.

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