Wix.com (WIX) PT Lowered to $300 at Raymond James Following Earnings

May 12, 2021 1:40 PM EDT
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Price: $295.13 --0%

Rating Summary:
    22 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 8 | Down: 7 | New: 15
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Raymond James analyst Aaron Kessler lowered the price target on Wix.com (NASDAQ: WIX) to $300.00 (from $330.00) while maintaining an Outperform rating.

The analyst commented, "Wix delivered mixed 1Q results with solid Business Solutions momentum (driven by eCommerce) though lower-than-expected Creative Subscriptions revenues (in part due to a channel partnership slipping 2H21). Overall, we believe business trends remain solid, and we maintain our positive view on Wix given: 1) We expect COVID-19 should be a long-term driver for SMBs moving online; 2) expect continued strength in revenue/sub driven by higher end solutions (commerce, vertical offerings) as well as continued momentum for business solutions (G-Suite, Ascend, Wix Payments); and 3) expect strong long-term EBITDA and FCF leverage given subscription nature of the business. We maintain our Outperform rating though lower our PT to $300 given recent multiple contractions among high-growth SAAS multiples."

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