Shares of website-building platform Wix.com (NASDAQ: WIX) got a boost on Tuesday after receiving a substantial upgrade from a prominent analyst. It likely also helped that a big rival received a downgrade. As of 10:45 a.m. ET, Wix stock is up about 6%.

According to The Fly, Piper Sandler analyst Brent Bracelin upgraded Wix stock today to "overweight," which is a Wall Street way of saying Bracelin believes the stock will go up. Consequently, Bracelin reportedly raised his price target for Wix stock from $99 per share to $120 per share, suggesting about 27% more upside from where it trades as of this writing.

Wix's upgrade came as analyst Clarke Jeffries, also of Piper Sandler, downgraded Wix's rival GoDaddy. Jeffries reportedly dropped his price target for GoDaddy stock from $100 per share to $88 per share. Therefore, Piper Sandler clients are digesting this combination of news, which is likely creating some of the elevated demand for Wix stock today.

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Source Fool.com