RBC Capital Raises Price Target on Wix.com (WIX) Following the Company's 3Q Beat
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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."
Shares of Wix.com closed at $47.85 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings, Mark Mahaney
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