Wix.com (WIX) PT Lowered to $70 at Oppenheimer; Reiterates Outperform
Oppenheimer lowered its price target on Wix.com (NASDAQ: WIX) to $70.00 (from $88.00) while maintaining a Outperform rating following the company's 3Q earnings report. While WIX exceeded Street Collections by 2%, EBITDA missed by 36% on higher R&D and G&A on organic spending and currency.
FY '17E R&D includes $8.5M for Deviantart, with similar levels expected in '18E. Since WIX's R&D staff is based in Israeli, stronger NIS expected to increases '18E R&D by $12M.