Needham & Company Reiterates Bullish Stance on Wix.com (WIX) Amid Raised Outlook

Needham & Company analyst Kerry Rice reiterated a Buy rating and $30 price target on Wix.com (NASDAQ: WIX) after the company positively pre-announced 1Q15 and 2015 revenue and adjusted EBITDA above its previous guidance.

Rice commented, "We believe the upside was driven by increasing traffic and conversions as a result of Wix's constant product innovation and marketing efforts. Importantly, we believe the upwardly revised guidance highlights Wix's improving operating leverage and places the company closer to realizing its goal of achieving adjusted EBITDA profitability this year."

The firm is raising FY 2015 revs from $200.3M to $202M and FY 2016 revs from $271M to $273.3M. FY 2015 EPS was maintained at ($0.89), while FY 2016 EPS was bumped from ($0.81) to ($0.80)

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 $17.71 yesterday.

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