Piper Sandler raised the firm’s price target on Wix.com to $130 from $120 and keeps an Overweight rating on the shares after the company released materials for its virtual analyst day that detailed strategic and product initiatives and “more importantly to our thesis” gave updated segment profitability disclosures across Partners & Self-Creators. The higher potential Partners free cash flow margins the company detailed increase Piper’s conviction in Wix being “a midteens growth business” with $7.50 in free cash flow per share by 2025, the analyst tells investors.
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Read More on WIX:
- Wix.com raises FY23 revenue view to $1.54B-$1.56B from $1.52B-$1.54B
- Wix.com sees Q3 revenue $386M-$391M, consensus $384.7M
- Wix.com price target raised to $130 from $120 at Needham
- Wix.com price target raised to $114 from $100 at JMP Securities
- Wix.com upgraded to Buy at Benchmark on profitability inflection