WIX: Secular challenges continue; lowering estimates & target

研报英文原文证据摘录

WIX: Secular challenges continue; lowering estimates & target

RBC Capital Markets, LLC

Brad Erickson (Analyst)

(971) 842-9607, brad.erickson@rbccm.com

Khadijah Gibson, CFA (AVP)

(347) 610-7116, khadijah.gibson@rbccm.com

Audrey Stuart (Associate)

(212) 437-9151, audrey.stuart@rbccm.com

June 9, 2026

Wix.com Ltd Sector Perform

NASDAQ: WIX; USD 48.21RESEARCH Secular challenges continue; lowering estimates & Price Target USD 45.00 ↓ 60.00

target Scenario Analysis*

Our view: WIX's lowered forecast (see our note earlier today) likely

reinforces view of AI headwinds hitting the web design space. Given DownsideScenario TargetPrice CurrentPrice ScenarioUpside

management's updated views on partner weakness, we lower our bookings

& revenue estimates and reduce target to $45 and remain sidelined. Base44 20.0059% 45.007% 48.21 70.0045%

and Harmony are tracking in-line which is the bright spot but we maintain

*Implied Total ReturnsEQUITY our concerns expressed in our recent downgrade (link here) which is largely Key Statistics

around estimates reflecting stabilization that we lack confidence in. Need Shares O/S (MM): 49.0 Market Cap (MM): 2,362

core, Base44 or Harmony acceleration with impact to the model before the Dividend: 0.00 Yield: 0.0%

multiple would revert from current levels. Enterprise Val. (MM): 766 Avg. Daily Volume: 2,114,762

Key points: RBC Estimates

Event: Pre-market, WIX lowered its top-line guidance to low-teens from FY Dec 2024A 2025A 2026E 2027E

mid-teens growth for FY26 ($50M reduction to bookings, $25M to revenue) Revenue 1,760.7 1,993.0 2,244.9 2,441.9

and then lowered Q2 and FY26 revenue guidance to low/mid-teens from Prev. 2,269.5 2,571.3

Free Cash Flow 478.1 573.0 349.1 436.2 mid-teens growth. Continued/ incremental weakness to the Partner's Prev. 438.3