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Fly News Breaks for May 14, 2018
SHOP, WIX
May 14, 2018 | 09:31 EDT
Needham analyst Kerry Rice raised his price target on Wix.com (WIX) to $98 after its Q1 revenue beat and better than expected Collections performance. The analyst cites the company's progress in the rollout of its products like Wix Answers and continued ramp of Wix Code. Rice keeps his Buy rating on Wix.com, adding that its 9-times enterprise value to sales valuation multiple is also a discount to that of 13-times at its closest comparable peer Shopify (SHOP).
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