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Investing.com -- Baird lifted its rating for shares of Wix (NASDAQ:WIX).com to Outperform in a note Friday, lowering its price target for the stock to $190 from $215 a share.
The firm pointed to improvements to the company’s platform, more reasonable investor expectations, and favorable long-term fundamentals.
“We are adopting a constructive stance on WIX because: 1) the product is becoming increasingly compelling, 2) expectations now seem more reasonable post-1Q print, and 3) the long-term drivers of the investment case are attractive,” Baird analysts wrote in a note.
The upgrade comes after a year-to-date decline in the stock, with shares down 28% versus a 1% decline in the S&P 500.
Baird said the recent sell-off has “provided an attractive entry point into a high-quality business that continues to enhance its offering.”
“The long-term drivers are attractive,” stated Baird. “Beyond the puts/takes of the near term, we have also grown increasingly constructive on the long-term drivers of the investment case here.”
Baird emphasized that the company’s improving product is a key part of its positive outlook.
Analysts said Wix’s offering is “increasingly compelling,” supporting confidence in the platform’s competitive positioning.
“Over the past few months, WIX has released a variety of updates across its product portfolio. We are growing increasingly optimistic about the potential for these changes to improve conversion, retention, and monetization over time,” the firm explained.