Wix Teams Up With Vodafone For UK Expansion; Shares Now Up 138% YTD

Wix (WIX) has announced a new partnership with Vodafone- which will see the website builder’s solutions available as part of the Vodafone Business Marketplace platform in the UK.

“Vodafone customers can select a Wix subscription package that fits their needs, including launching a professional business website and adding online capabilities such as a store to sell products or online scheduling and appointment booking” the companies stated.

Customers will also receive online access to a technician who will guide them through the steps of setting up a website, as well as training on website creation and maintenance.

According to Wix, the partnership is a key milestone for the recently-launched Wix Channels initiative, which enables international service providers to sell Wix website subscriptions and business solutions directly to their customers.

“The new Wix Channels initiative is a significant opportunity for large global service providers like Vodafone to diversify the products offered to their customers, enabling more capabilities to scale their growth with an online presence and e-commerce solution from a best in class platform,” commented Anthony Scaglione, EVP of Wix Channels Global Sales.

The Wix offering is expected to roll out to other Vodafone markets in the near future.

Shares in Wix have exploded by over 138% year-to-date, and the stock scores a bullish Strong Buy Street consensus. That’s with 13 buy ratings and just 1 hold rating. Meanwhile the average analyst price target indicates 15% further upside potential from current levels.

“We continue to view WIX as one of the sector’s Rocket Ships – one of the sector’s most resilient fundamental assets” cheered RBC Capital’s Mark Mahaney recently.

He has a buy rating on the stock and $350 price target, arguing that WIX has proven out to be a Structural Winner from the COVID crisis.

According to Mahaney, this crisis is demonstrating the clear advantages of and need for a digital presence. “And thanks to years of excellent product development & marketing execution, WIX is there to provide individuals and small businesses/organizations with Digital solutions” the analyst writes.

As a result, he sees WIX as set up for top-line growth acceleration in 2020 – one of only a handful of companies that are experiencing this. (See WIX stock analysis on TipRanks).

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