Wix.com upgraded to Overweight on shift to growth at Piper Sandler

Piper Sandler analyst Clarke Jeffries upgraded Wix.com to Overweight from Neutral with a price target of $120, up from $99. The analyst now favors growth software names over value stocks. Wix’s growth estimates have bottomed, and even if its net new annual recurring revenue in 2023 is 50% below 2019 levels, the company’s revenue would still be within guidance, the analyst tells investors in a research note.