Wix.com upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital analyst Brad Erickson upgraded Wix.com to Outperform from Sector Perform with a price target of $100, up from $80. The analyst sees WIX as a "solid defensive play," benefiting from structurally higher new business formation versus pre-COVID levels. The company is in the midst of exerting its pricing power for its "very sticky" subscription business and is on a path towards "significant and underappreciated" free cash flow growth over the next several years, Erickson tells investors in a research note.