KeyBanc Gives a Buy Rating to Wix.com Ltd

By Ryan Adsit

KeyBanc analyst Alyssa Johnson assigned a Buy rating to Wix.com Ltd (NASDAQ: WIX) today and set a price target of $85. The company’s shares opened today at $69.

Johnson wrote:

“We believe the best is still ahead as the business scales past a $1B run-rate exiting 2020, with free cash flow expanding at an even faster pace. We believe 2018 has some good things in store and would build positions in this high-quality franchise. We are raising our price target to $85 and our bull case to $110. Key Investment Points Strong close to the year; ACPS drives upside. Wix posted $4.5M upside to collections on 35% growth and free-cash-flow upside on 16% margin. Additionally, existing cohorts continued to convert at very high rates, an encouraging sign of things to come. The expanded Google relationship adds some new sizzle to the story, opening up the door for even more partnership in the future. The disclosure for 140,000 Wix Code users vs. 7,000 just one quarter ago was particularly impressive to us and shows very nice progress on what should be a very important product.”

Johnson has an average return of 1.2% when recommending Wix.com Ltd.

According to TipRanks.com, Johnson is ranked #3027 out of 4743 analysts.

Currently, the analyst consensus on Wix.com Ltd is Strong Buy and the average price target is $74, representing a 7.2% upside.

In a report issued on January 30, Barclays also maintained a Buy rating on the stock with a $64 price target.

The company has a one-year high of $86.15 and a one-year low of $50.90. Currently, Wix.com Ltd has an average volume of 565.8K.

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Wix.com Ltd. engages in the provision of web development, design, and management solutions and applications. It provides free design templates for personal and business use, web design and layout tools, web hosting through the Wix domain, applications from the App Market, blog and social network page support, and other marketing and work flow management applications and services. The company also offers eCommerce and appointment applications, and marketing tools such as Google Analytics and mailing lists. Wix.com was founded by Avishai Abrahami, Nadav Abrahami and Giora Kaplan on October 5, 2006 and is headquartered in Tel Aviv, Israel.