Shares of Wix.com (NASDAQ: WIX) were up more than 10% this week after a broad rise in technology stocks and bullish sentiment from a Wall Street analyst. As of 2:32 p.m. EDT on Friday, the stock was up 10.3% on the week.
This week, Morgan Stanley analysts initiated an overweight (which means buy) rating on Wix.com stock, with a price target of $339 a share. Wix currently trades at around $305 a share. With no material news out from the company, this upgraded price target was likely a big reason for the stock's move in the past few days.
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Why Wix Stock Soared More Than 10% This Week