In a report released today, Jason Helfstein from Oppenheimer maintained a Buy rating on Wix.com Ltd (NASDAQ: WIX), with a price target of $125. The company’s shares closed yesterday at $110.85, close to its 52-week high of $111.05.
Helfstein commented:
“Maintaining Outperform rating and increasing target from $105 to $125 on strong 2Q, modestly better guidance and higher peer valuations. Collection/revenue slightly ahead of the Street, FCF 6% ahead. FY18 guidance on collection/FCF increased by 1% for each. Guidance does not assume impact from new products. Meanwhile, Wix Code is likely to increase conversion rate and ARPU, and management expects upside from Google partnership and Deviant-art in ’19. 1Q17 cohort lower than prior year due to faster upfront conversion. Legacy cohorts continues to drive long-term FCF and margins should benefit from adoption of Code. Valuation still below SMB- focused Saas peers. Target assumes 8x ’19E collections vs. SHOP at 12x.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 21.7% and a 70.5% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and IAC/InterActiveCorp.
Wix.com Ltd has an analyst consensus of Strong Buy, with a price target consensus of $105, implying a -5.3% downside from current levels. In a report issued on July 23, Barclays also maintained a Buy rating on the stock with a $115 price target.
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Based on Wix.com Ltd’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $19.81 million. In comparison, last year the company had a GAAP net loss of $14.26 million.
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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.
