Wix.com jumps after lifting FY revenue and bookings forecast
** Shares of web development platform Wix.com WIX.O jump 13.5% to $208.80 premarket
** Co raises FY revenue forecast to between $1.757 bln and $1.764 bln, or 13% y/y, after raising it to between $1.747 and $1.761 bln in the previous quarter
** WIX also lifts FY bookings forecast to between $1.822 bln and $1.832 bln, or 14-15% y/y growth, vs $1.802 bln to $1.822 bln, or 13-14% y/y growth, earlier
** Expects total revenue in Q4’24 of $457 mln - $464 mln
** Co's Q3 adj EPS of $1.50 is above ests of $1.43 - data compiled by LSEG
** Bookings growth benefited from Studio subscriptions accelerating meaningfully q/q as a result of new purchase strength and robust renewal activity - Avishai Abrahami, CEO
** J.P. Morgan raises PT to $205 from $195
** Says it keeps a relative "neutral" rating on WIX shares
** Jefferies also raises PT to $225 from $185
** Says response to February's price increase continues to be positive, with better-than-expected renewals and retention, and should help accelerate bookings in H2
** Avg rating of 23 brokerages covering the stock is "buy"; median PT is $200 - LSEG data
** As of last close, WIX up 49.5% YTD
Reporting by Sukriti Gupta in Bengaluru
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