Oppenheimer sees ‘an upward bias’ to Wix.com estimates

Oppenheimer notes Wix delivered solid Q1 results with bookings, revenue, and free cash flow topping consensus by Studio, AI, Partners, and top of funnel strength. Management reiterated FY25 outlook, accounting for potential macro headwinds, offset by dissipating FX headwinds. Second half of the year bookings concerns should ease with positive April/May commentary, the firm adds. Investors, accustomed to free cash flow increases since Q4 2022, were surprised by the static guide. However, with margins expected to trend up through the year, Oppenheimer sees an upward bias to estimates. The firm has an Outperform rating on the shares with a price target of $220.