Shares of Wix.com (NASDAQ:WIX) are soaring today, while GoDaddy (NYSE:GDDY) shares are recovering from a weak opening. This can be attributed to a rating change from an analyst. Clarke Jeffries of Piper Sandler upgraded WIX from Hold to Buy while assigning a price target of $120 per share. Conversely, he downgraded GDDY from Buy to Hold with an $88 price target. For reference, the previous price targets were $99 for the former and $100 for the latter.
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When it comes to WIX, Jeffries believes that growth estimates have bottomed and is confident that the company can achieve over $425 million in free cash flow in 2025. On the other hand, Jeffries doesn’t believe that GDDY will be able to hit $8 per share of free cash flow by 2024.
Overall, Wall Street analysts have consensus price targets of $105.08 and $92.80 on WIX and GDDY stocks, respectively. This implies upside potential of over 11.99% and 25.41%, as indicated by the graphic above.
