Wix.com (WIX) PT Raised to $45 at RBC Capital

RBC Capital analyst Mark Mahaney reiterated an Outperform rating and lifted its price target on Wix.com (NASDAQ: WIX) to $45.00 (from $35.00) following 'beat and raise' Q2.

The Quarter Keys – 1) Collections Growth Accelerating – Inflecting up to 44% Y/Y growth ex-FX vs. 39% in Q1, and reaching a new all-time high of $81.5MM. 2) Strong Net New Users & Subs – 5.1MM Net New Registered Users and record-high 183K Net New Subs with penetration continuing to increase (2.43% of Users now paying Subs, with 84% of these being on annual plans). 3) Deferred Rev Grew 52% Y/Y – Very modestly decelerating, but still intrinsically impressive. 4) Record High EBITDA Margin Of 15.5% – 5th consecutive quarter of positive EBITDA margin…with record high $10MM FCF. 5) Positive Cohort Disclosure – again showing consistently rising Sub penetration, driven by improved offerings.

The firm's '17 Revenue estimate is increased 3% to $371MM, while '17 EBITDA est. is raised 14% to $66MM.

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 $31.65 yesterday.

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