Wix.com price target raised to $220 from $190 at B. Riley

B. Riley analyst Naved Khan raised the firm’s price target on Wix.com (WIX) to $220 from $190 and keeps a Buy rating on the shares. Wix reported strong Q3 results, outperforming Street expectations and showing continued momentum in bookings, which accelerated quarter over quarter, the analyst tells investors in a research note. The improving growth, coupled with cost discipline, is delivering solid leverage, resulting in a raised outlook for top line and free cash flow and margins, putting the Rule of 40 within reach for 2024 and comfortably exceeding it next year, B. Riley argues.