Wix.com (WIX) PT Raised to $148 at JPMorgan
JPMorgan analyst Alexei Gogolev raised the price target on Wix.com (NASDAQ: WIX) to $148.00 (from $127.00) while maintaining a Neutral rating.
The analyst comments "We raised WIX PT by 17% to $148/sh on the back of sequential re-acceleration of bookings growth to 10% yoy and record high FCF margin at ~26%. FY24E guidance for both metrics was raised, likely prompting consensus upgrades. We think such confidence is driven by numerous products that have been rolled out in the last few quarters, with the biggest push coming from Wix Studio (has seen a strong uptick in account creation in the past 3M). While 2Q24E revenue outlook came a little short of consensus, we feel incrementally more confident that next quarter is likely to be the trough of revenue growth dynamics with a more pronounced uplift in the back-end of the year that should continue into 2025E."