Needham Reiterates Buy Rating on Wix.com (WIX)

Needham analyst Bernie McTernan reiterated a Buy rating and $200.00 price target on Wix.com (NASDAQ: WIX).

The analyst commented: "We maintain our Buy Rating and $200 price target after a round of modestly positive developer checks as seen in the quantitative and qualitative feedback below. Wix Studio commentary continued to be supportive, with slightly better adoption than our checks shortly after product launch. The improvement in the number of leads received through the Wix marketplace vs 6 months ago was one of the strongest data points we have seen from doing these checks. However, we note the number of developers in the marketplace has been in decline which blunts the positivity of this data point in our view. Lastly, data from Similar Web suggests the steep ramp of Base44 ARR stabilized in September. But, the steep ramp in ARR since the acquisition suggests consensus estimates are achievable, if not conservative, for next year on revenue given our checks point to healthy Partner revenue and potential benefits from the yet to be launched self-creator product."

For an analyst ratings summary and ratings history on Wix.com click here. For more ratings news on Wix.com click here.

Shares of Wix.com closed at $140.91 yesterday.

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