Bank of America Corp. Initiates Coverage on Wix.Com Ltd (WIX)
Stock analysts at Bank of America Corp. started coverage on shares of Wix.Com Ltd (NYSE:WIX) in a report issued on Monday, Analyst Ratings Network.com reports. The firm set a “buy” rating on the stock.
The analysts wrote, “Wix is a technology company that provides businesses and individuals a simple, low-cost alternative to what has traditionally been a costly, complex, and time-consuming process. The company has invested heavily in a proprietary website editor tool and has pre-built templates, graphics, images, and fonts that make it easy for anyone with basic computer skills to start a webpage. Wix does not employ a direct sales team, but instead uses on and offline marketing to target primarily prosumers (wedding planners, dog walkers, small restaurants, garage bands, etc.) which has enabled it to amass an industry leading 40mn users. We are initiating with Buy and see strong top-line growth and marketing leverage driving the stock.”
A number of other firms have also recently commented on WIX. Analysts at Needham & Company initiated coverage on shares of Wix.Com Ltd in a research note to investors on Monday. They set a “buy” rating and a $25.00 price target on the stock. Separately, analysts at Oppenheimer initiated coverage on shares of Wix.Com Ltd in a research note to investors on Monday. They set an “outperform” rating and a $25.00 price target on the stock. Finally, analysts at RBC Capital initiated coverage on shares of Wix.Com Ltd in a research note to investors on Monday. They set an “outperform” rating and a $22.00 price target on the stock. Five research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average target price of $26.00.
Shares of Wix.Com Ltd (NYSE:WIX) traded up 6.10% during mid-day trading on Monday, hitting $21.7501. The stock had a trading volume of 179,195 shares. Wix.Com Ltd has a one year low of $16.19 and a one year high of $20.53. The stock has a 50-day moving average of $18.01 and a 200-day moving average of $18.01. The company’s market cap is $796.1 million.
Wix.com Ltd. is a global Web development platform. The Company offers its solutions through a freemium and subscription model and as of August 31, 2013, it had 679,536 premium subscriptions.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.