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Fly News Breaks for May 21, 2018
ADBE, SHOP, WIX
May 21, 2018 | 19:06 EDT
JPMorgan analyst Sterling Auty is keeping his Neutral rating and $85.50 price target on Wix.com (WIX). The analyst says Adobe (ADBE) acquisition of Magento may allow it to "come down market" to compete against Shopify (SHOP) "long before any real head-to-head competition with Wix". Shares of Shopify were down on the Adobe announcement, falling about 2.4% afterhours.