UPDATE: Oppenheimer Initiates Coverage on Wix.com Ltd. with Outperform Rating, $25 PT on Strong Web-Development Platform

In a report published Monday, Oppenheimer analyst Jason Helfstein initiated coverage on Wix.com Ltd. WIX with an Outperform rating and $25.00 price target. In the report, Oppenheimer noted, “We are initiating coverage of Wix with an Outperform rating and 12-18 month price target of $25. Wix operates a cloud-based, web-development platform that allows small businesses and individuals to create customized websites without prior coding experience. Leveraging a freemium model, users can design, launch and update a webpage through the Wix platform, at no cost. Once satisfied, users then pay to have the site go live using their own URL and remove ad products. As of 9/30/13, Wix had 39M registered users, with 707K paying subscribers, up 64% y/y. We forecast 43% sub growth and 56% revenue growth 2012-2015. Wix was founded in 2006, is headquartered in Tel Aviv, and has offices in California, New York, Ukraine and Lithuania.” Wix.com Ltd. closed on Friday at $20.50.