BUZZ-Wix.com falls after JP Morgan cuts to 'underweight' rating
Reuters03-27
BUZZ-Wix.com falls after JP Morgan cuts to 'underweight' rating
** Wix.com WIX.O shares fall about 3% to $86.90 in premarket trading
** J.P.Morgan downgrades rating on the web development platform to "underweight" from "neutral" and trims PT to $91 from $114
** "Our conviction to the investment case has diminished on signs of core business revenue growth deceleration" - JPM
** Brokerage says margin improvement will be slower and more volatile than investors anticipate
** "Longer-term, we view the website and e-commerce management space facing structurally more technology-driven competition," JPM adds
** On average, 24 analysts rate the stock "buy"; their median PT is $125 - LSEG-compiled data
** Up to Thursday's close, stock had fallen ~14% YTD
(Reporting by Joel Jose in Bengaluru)
((joeljose@thomsonreuters.com))
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