Wix.com price target lowered to $225 from $262 at Piper Sandler

Piper Sandler lowered the firm’s price target on Wix.com (WIX) to $225 from $262 and keeps an Overweight rating on the shares. The firm says that a five point moderation in Partners growth is fueling greater unease as the Partners business was the primary source of accretive growth and a crucial part of the bullish thesis of Wix.com re-rating on accelerating growth. While GPV fluctuations are understandable, Creative Subs ARR printing the weakest result since Q1 2022 does give Piper pause, but the big picture here is: shares have fallen to 15-times next twelve months free cash flow after the print. A 30% free cash flow margin result in Q1, means 2025 free cash flow numbers are still achievable even if top line looks challenging, the firm adds.