UBS initiated coverage of Wix.com with a Buy rating and $125 price target. The firm names Squarespace its top pick in the web builder space, followed closely by Wix. If Wix can deliver low-teens revenue growth and cost discipline on a quarterly basis, the shares “should grind higher” along with consensus estimates, the analyst tells investors in a research note. The firm says the company has rightsized its cost structure, cutting $215M in annualized expenses.
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