Record new Users and Conversions Contribute to Wix.com (WIX) Revenue Beat; RBC Capital Reiterates Outperform
RBC Capital reiterated an Outperform rating on Wix.com (NASDAQ: WIX), and raised the price target to $36.00 (from $30.00), following the company's 3Q earnings report. Revenue of $53.6MM came in ahead of the Street's estimate of $52.6MM and guidance. Record new Users and Conversions, combined with slightly lower ARPU drove the Revenue result.
Analyst Mark Mahaney commented, "Wix reported strong Q3 results that were ahead of the Street. Importantly, user Metrics were also intrinsically strong with little deceleration. Estimates tweaked but not materially changed. Maintain Outperform, raise PT to $36 on ’17E roll. Wix mngmt presenting at our TMIT Conference in NYC on Tuesday, November 10th."
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 $21.67 yesterday.