UPDATE: Bank of America Initiates Coverage on Wix.com Ltd. with Buy Rating, $23 PT on Multiple Positive Factors

In a report published Monday, Bank of America analyst Nat Schindler initiated coverage on

with a Buy rating and $23.00 price target. In the report, Bank of America noted, “Wix is a technology company that provides businesses and individuals a simple, low-cost alternative to what has traditionally been a costly, complex, and time-consuming process. The company has invested heavily in a proprietary website editor tool and has pre-built templates, graphics, images, and fonts that make it easy for anyone with basic computer skills to start a webpage. Wix does not employ a direct sales team, but instead uses on and offline marketing to target primarily prosumers (wedding planners, dog walkers, small restaurants, garage bands, etc.) which has enabled it to amass an industry leading 40mn users. We are initiating with Buy and see strong top-line growth and marketing leverage driving the stock.” Wix.com Ltd. closed on Friday at $20.50.