Wix.com (WIX) PT Lowered to $300 at Jefferies

Jefferies analyst Brent Thill lowered the price target on Wix.com (NASDAQ: WIX) to $300.00 (from $360.00) while maintaining a Buy rating.

The analyst commented, "Wix saw new user activity slow mid-qtr as confusion reigned over re-openings vs. new restrictions caused by Delta variant. Result is lower and wider than FY21 guide range, cutting growth by 2-4 pts. We admit not having been cautious enough in our preview that showed declining traffic, but view this as S-T damage that's repairable. Wix's innovation is not slowing, and user needs are vast ($185B TAM). We would be buyers as stock resets. PT to/from $300/$360."

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