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We recently compiled a list of the 10 Stocks That Became Analyst Favorites This Week. In this article, we are going to take a look at where Wix.com Ltd. (NASDAQ:WIX) stands against the other analysts favorites.
US stocks registered a green day on Tuesday with the Dow surging up 538 points to end 1.24% higher. S&P 500 and Nasdaq also posted gains of 0.88% and 0.64% respectively, showcasing the strength of the American economy.
As for individual stocks, analysts continue to evaluate businesses based on any public information they can gather. Some of these insights turn into stock upgrades or downgrades while others reiterate the positive or negative outlook on the stocks. We came up with a similar list of stocks that have received analyst approval this week.
To come up with the list of 10 stocks moving on analyst optimism, we considered stocks with a market cap of at least $10 billion.
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Wix.com Ltd. (NASDAQ:WIX)
Wix.com Ltd. is a cloud-based platform that enables the simplified creation of websites for users with a non-technical background. It provides Wix ADI, Wix editor, and other services. The company received an upgrade from Equal-Weight to Overweight with a target price of $276 at Raymond James.
In Q3 FY 2024, Wix generated revenue worth over $444.7 million with a growth rate of 13% YoY, exceeding Wall Street’s estimates. As a result, shares gained over 34% in November alone.
The company is expected to make $2.87 billion of total revenue by FY2028. The expected growth rate from 2025 to 2034 stands at 5.4%. The company’s stock performance was impressive last year as it gained over 80%, mainly on the strength of its subscriber-based business model.
Overall WIX ranks 8th on our list of the stocks that became analyst favorites this week. While we acknowledge the potential of WIX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as WIX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article was originally published at Insider Monkey.