08:45 AM EDT, 05/21/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our target price to $196 (from $155), an implied 2024 P/S of 6.3x on decent projected revenue growth of 11.3% (peer mean: P/S of 6.3x and revenue growth of 11.5%). Wix's Q1 2024 revenue rose 12% Y/Y to $420 mln (business solutions: +20.4% to $115.5 bln; creative subscription: +9.4% to $304.3 mln) driven by an enlarged premium subscription base (particularly from partners business), an increase in higher-tiered packages, and better adoption of business solutions products. Robust revenue growth and enhanced cost efficiencies led to an increase in non-GAAP EPS (ex-non-recurring items) to $1.38 (Q1 2023: $0.91), within our expectation. Product innovation and initiatives to capture high-intent users will drive a steady rise in the number of subscriptions and average revenue per subscription, and our projected topline growth, while higher operating leverage and disciplined cost management will support net margin improvement, in our view. We keep our 2024/2025 non-GAAP EPS estimate at $5.76/$6.55.