Why Wix.com Stock Was Blasting Higher This Week
According to data compiled by S&P Global Market Intelligence, do-it-yourself website facilitator Wix.com (NASDAQ: WIX) was a notable outperformer across the past few days. Its week-to-date gain was nearly 11% as of early Friday morning, which topped many companies in the ever-popular tech sector. The company's boost was due to an analyst upgrade that touched on Wix's potential to gain from artificial intelligence (AI).
That news hit the headlines on Monday before market open, setting the general bullish tone for Wix stock the rest of the week. The analyst in question was Morgan Stanley's Elizabeth Elliott, who up-shifted her recommendation on the shares to overweight (i.e., buy) from her previous equal weight (hold).
She also raised her price target; it's now $276 per share, where formerly it was $248. This anticipates a potential gain of 14% on the most recent closing price.
Source Fool.com
