BUZZ-Needham cuts Wix's PT on heavy investments in AI-driven app builder Base44

Reuters11-20

** Needham cuts price target on cloud-based web developer Wix.com WIX.O to $140 from $200, maintains "buy" rating

** New PT an upside of 37.7% from stock's last close

** Brokerage lowers co's free cash flow $(FCF)$ estimates by 15% citing WIX's increased investments in its its AI-driven app builder, Base44

** On Wednesday, WIX said Base44 is on track to achieve $50 million of annual recurring revenue $(ARR)$ by end of the year

** "It's still too early in the market opportunity for us to assume Base44 will be a long-term revenue driver for the company." - Needham

** Twenty-one of 24 brokerages rate the stock "buy" or higher and three "hold"; their median PT is $180 - data compiled by LSEG

** As of last close, shares down 52.6% YTD

(Reporting by Megavarshini G. Somasundaram in Bengaluru)

((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))

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