WIX - Why Wix Stock Got a Boost Today
2023-03-21 11:55:20 ET
Shares of website-building platform Wix.com (NASDAQ: WIX) got a boost on Tuesday after receiving a substantial upgrade from a prominent analyst. It likely also helped that a big rival received a downgrade. As of 10:45 a.m. ET, Wix stock is up about 6%.
According to The Fly, Piper Sandler analyst Brent Bracelin upgraded Wix stock today to "overweight," which is a Wall Street way of saying Bracelin believes the stock will go up. Consequently, Bracelin reportedly raised his price target for Wix stock from $99 per share to $120 per share, suggesting about 27% more upside from where it trades as of this writing.
Wix's upgrade came as analyst Clarke Jeffries, also of Piper Sandler, downgraded Wix's rival GoDaddy . Jeffries reportedly dropped his price target for GoDaddy stock from $100 per share to $88 per share. Therefore, Piper Sandler clients are digesting this combination of news, which is likely creating some of the elevated demand for Wix stock today.
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Why Wix Stock Got a Boost Today