Updated Nov. 22, 2023 12:29 pm ET
The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1123 ET — GoDaddy is a structurally differentiated, durably growing cash machine that should benefit from its hedged customer acquisition model, RBC analysts say in a research note. The online services platform could also gain outsized benefit as AI tools reduce customer acquisition friction, analysts say. “While ratings across our coverage assume a stable macro, there are very few companies in our universe that could actually hit 24’ estimates under incremental macro duress – we believe GoDaddy would be one.” RBC upgrades its recommendation on the stock to outperform from sector perform, lifts its 24’ estimates slightly and raises its price target to $124 from $90 previously. Shares rise 2.5% to $95.19. (sabela.ojea@wsj.com; @sabelaojeaguix)
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