Citi opens ‘positive catalyst watch’ in Wix.com into results

Citi analyst Ygal Arounian opened a “90-day positive catalyst watch” on Wix.com while keeping a Buy rating on the shares with a $120 price target. The analyst expects upside to fiscal Q1 sales and free cash flow estimates given the “countercyclicality benefits Wix enjoys in a tougher macro” environment. Citi expects investors to take a more focused look on artificial intelligence’s impact on the web building space, which it continues to believe is more of a tailwind and opportunity to the industry than a risk.