Wix (WIX) Receives a Rating Update from a Top Analyst

Cantor Fitzgerald analyst Deepak Mathivanan reiterated a Buy rating on Wix (WIX – Research Report) today and set a price target of $200.00. The company’s shares closed yesterday at $157.15.

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Mathivanan covers the Consumer Cyclical sector, focusing on stocks such as Amazon, Mercadolibre, and Airbnb. According to TipRanks, Mathivanan has an average return of 20.5% and a 64.68% success rate on recommended stocks.

Currently, the analyst consensus on Wix is a Strong Buy with an average price target of $221.64, which is a 41.04% upside from current levels. In a report released yesterday, Barclays also maintained a Buy rating on the stock with a $240.00 price target.

Based on Wix’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $473.65 million and a net profit of $33.77 million. In comparison, last year the company earned a revenue of $419.78 million and had a net profit of $24 million