Shares of web-presence company Wix.com (NASDAQ: WIX) popped on Thursday, bucking the market's downward trend, thanks to an upgrade from an analyst. As of 1:45 p.m. ET, Wix stock was up about 5%.

As of this writing, the S&P 500 is down 24% from its all-time high, and Wix stock is down 77% from its high. Upgrades during down times are relatively rare, which is why today's upgrade from Oppenheimer analyst Ken Wong comes as somewhat of a surprise. According to The Fly, Wong says Wix is a stock worth buying. And he gave it a price target of $110 per share, implying more than 40% upside from where it traded at the close of the market yesterday.

Wix's stock also popped earlier this month when activist investor-firm Starboard disclosed it had purchased a 9% stake in the company. And Wong sees this involvement from Starboard as a reason to buy Wix stock today.

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Source Fool.com