Wix.com price target raised to $235 from $200 at Needham

Needham analyst Bernie McTernan raised the firm’s price target on Wix.com (WIX) to $235 from $200 and keeps a Buy rating on the shares. The company’s revenue and bookings growth accelerated in Q3 as product improvements drive the upward momentum in the business, all while focusing on driving efficiencies and operating leverage, the analyst tells investors in a research note. Needham adds that it is incrementally more bullish on the revenue trajectory for Wix.com following the quarter, with management calling out new AI related products with discrete revenue opportunities and revamped Self Creator tools which could be the catalyst to push this revenue stream back to double digits.