Benchmark Co. analyst Mark Zgutowicz reiterated a Buy rating on Wix yesterday and set a price target of $230.00.
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Mark Zgutowicz has given his Buy rating due to a combination of factors that highlight Wix’s strong market position and growth potential. Despite recent market fluctuations influenced by industry announcements from competitors like Salesforce, Squarespace, and Loveable, Wix’s strategic initiatives in AI and its robust financial standing position it well for continued success. The company’s focus on expanding its partnerships and maintaining a leading share in the global SMB website development market underscores its competitive edge.
Furthermore, Wix’s Base44 acquisition is showing promising results, with significant daily ARR additions that suggest the company could surpass its year-end targets. This momentum, coupled with conservative booking assumptions that could see upward revisions, reinforces the positive outlook for Wix. These elements collectively support the reiterated Buy rating and the price target of $230, reflecting confidence in Wix’s ability to capitalize on its strategic initiatives and market opportunities.
In another report released on September 26, Piper Sandler also maintained a Buy rating on the stock with a $210.00 price target.