Analysts slashed price targets on Wix.com Ltd. post Q3 beat.
Needham analyst Bernie McTernan maintained a Buy and lowered the price target from $265 to $250, implying a 32.2 percent upside.
Barclays analyst Trevor Young lowered the price target to $210 from $220, implying an 11 percent upside, and maintained an Equal Weight rating.
The analyst views the company’s guidance as “soft.”
The Q4 revenue guide of up 18 percent year-over-year at the high end implies creative subs may come in at mid-teens growth, which would be the slowest in years.
Piper Sandler analyst Clarke Jeffries lowered the price target to $218 from $252, implying a 15.3 percent upside, and reiterated a Neutral rating on the shares post the Q3 results.
The analyst says “elongated uncertainty on macro factors” could weigh on the number of new businesses coming to Wix for commerce and presence functionality.
Price Action
WIX shares traded higher by 1.89 percent at $192.71 in the premarket session on the last check Friday.By Anusuya Lahiri
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