Wix.com price target raised to $160 from $155 at UBS

UBS raised the firm’s price target on Wix.com to $160 from $155 and keeps a Buy rating on the shares. Wix.com’s Q4 results and guidance for 2024 were in-line to slightly soft on revenue and bookings, but Wix surprised on free cash flow margin, the analyst tells investors in a research note. While the firm is taking the 2025 revenue acceleration hinged on the 2H-weighted 2024 bookings growth trajectory with some caution, UBS notes that Wix has built a strong track record of “beat and raise” over the last several quarters, which, along with a stable/positively-trending macro environment, incremental upside from price increase, and better conversion from the still nascent Studio and AI Site Generator, bodes well for potential upward revision in the initial 2024 revenue growth outlook.