Wix.com price target raised to $175 from $132 at Benchmark

Benchmark raised the firm’s price target on Wix.com to $175 from $132 and keeps a Buy rating on the shares. Wix delivered relatively in-line Q4 results and FY24 guidance, but guided upside to its FY25 free cash flow margin of 25% of revenue guidance issued at its investor day, with expectations to “significantly” surpass the Rule of 40 by FY25, the analyst tells investors. Increased confidence was attributed to accelerating revenue growth in the second half of 2024 and into 2025 given favorable bookings momentum for Partners, notes the analyst, who raised estimates given the expectations for increased incremental flow through exiting the second half.