{{articledata.title}}

Investing.com -- Baird lifted its rating for shares of Wix (NASDAQ:WIX).com to Outperform in a note Friday, lowering its price target for the stock to $190 from $215 a share.

The firm pointed to improvements to the company’s platform, more reasonable investor expectations, and favorable long-term fundamentals.

“We are adopting a constructive stance on WIX because: 1) the product is becoming increasingly compelling, 2) expectations now seem more reasonable post-1Q print, and 3) the long-term drivers of the investment case are attractive,” Baird analysts wrote in a note.

The upgrade comes after a year-to-date decline in the stock, with shares down 28% versus a 1% decline in the S&P 500. 

Baird said the recent sell-off has “provided an attractive entry point into a high-quality business that continues to enhance its offering.”

“The long-term drivers are attractive,” stated Baird. “Beyond the puts/takes of the near term, we have also grown increasingly constructive on the long-term drivers of the investment case here.”

Baird emphasized that the company’s improving product is a key part of its positive outlook.

Analysts said Wix’s offering is “increasingly compelling,” supporting confidence in the platform’s competitive positioning.

“Over the past few months, WIX has released a variety of updates across its product portfolio. We are growing increasingly optimistic about the potential for these changes to improve conversion, retention, and monetization over time,” the firm explained. 

This content was originally published on http://Investing.com