Wix.com downgraded to Market Perform from Outperform at Citizens

Citizens downgraded Wix.com (WIX) to Market Perform from Outperform without a price target The company’s Dutch auction that retired 29.7% of its shares outstanding “meaningfully reduced” its cash position, the analyst tells investors in a research note. The firm says that while the financial engineering materially increases Wix.com’s free cash flow per share, the company now has nearly $1B of net debt. Base44’s “hyper growth” will require funding and will be a headwind to free cash flow over the next several years, adds Citizens.