Wix.com price target raised to $248 from $187 at Morgan Stanley

Morgan Stanley analyst Elizabeth Porter raised the firm’s price target on Wix.com (WIX) to $248 from $187 and keeps an Equal Weight rating on the shares. The firm said that Q3 beats across the board coupled with raises to revenue, billings and free cash flow set strong FY24 exit rates to keep momentum into FY25. Core initiatives with Studio driving durability in Partners and AI initiatives improving Self-Creators growth provide room to run in 2025, the analyst tells investors in a research note. The firm remains Equal Weight but leans constructive on the stock.