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Fly News Breaks for March 27, 2019
WIX
Mar 27, 2019 | 06:14 EDT
Macquarie analyst Gus Papageorgiou initiated Wix.com with a Neutral rating and a price target of $116 as part of his broader research note on technology providers titled "Turning Millenials into Capitalists". The analyst is positive on the company's offering of easy website development and maintenance, saying its revenues have grown by 69% per year over the past 5 years as customer count and average revenue per user expanded. Papageorgiou warns however that Wix.com growth may slow given the market saturation, adding that his target valuation assumes 6-times enterprise value to estimated 2020 sales multiple, which is the midpoint of the company's 4- to 8- times forward multiple over the past two years.