KeyBanc analyst Brent Bracelin lowered his price target for Wix.com to $122 from $133 to reflect a more conservative EV/S multiple of 7 times his 2020 estimates. The analyst notes that Q3 results were slightly ahead of consensus driven by a price hike, a vertical mix shift, and third-party applications, while Q4 guidance was a tick below consensus. Bracelin reiterates an Overweight rating on the shares saying the risk/reward remains favorable as Wix.com capitalizes on a multi-year opportunity to sustain high growth within a $13B TAM with less than 5% penetration.