BofA raised the firm’s price target on Wix.com (WIX) to $228 from $190 and keeps a Buy rating on the shares after the company reported “strong” Q3 growth and gave Q4 guidance above the Street view for bookings growth and free cash flow. The firm is now applying a two-turn higher multiple to its estimates given Wix’s highly recurring revenue stream, new A.I. infused products, and higher expectations for the growth and margin profile from here, the analyst tells investors.
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Read More on WIX:
- Wix.com sees Q4 revenue $457M-$464M, consensus $478.31M
- Wix.com raises FY24 revenue view to $1.757B-$1.764B from $1.747B-$1.761B
- Wix.com reports Q3 EPS $1.62, consensus $1.51
- Wix.com price target raised to $205 from $195 at JPMorgan
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