Wix.com upgraded to Neutral on troughing growth at Piper Sandler

Piper Sandler analyst Clarke Jeffries last night upgraded Wix.com to Neutral from Underweight with a price target of $99, up from $80. The company’s campaign to pull out more than $215M of annualized savings is intersecting with troughing subscription growth trends, the analyst tells investors in a research note. Piper still has "hesitations" around Wix’s ability to fully reach its "Rule of 40" by the 2025 target, but it says the stock’s risk/reward is more balanced than it has been for several quarters. It sees less, but not 0%, risk for further downward revisions to 2023 and 2024 growth estimates.