Market News

GoDaddy Joins Hands with Google; Street Says Buy

Web hosting company GoDaddy Inc. (GDDY) announced that it has teamed up with Google to help its customers, especially small businesses, get discovered and promote their products on all major Google platforms.

Following the news, shares of GoDaddy declined marginally in Tuesday’s trading session. The stock, however, recovered marginally and closed at $86.45 in the extended trading session.

Small businesses registered on GoDaddy Online Store will now be able to create a Google Merchant Center account, sync their catalog to create free product listings and promote their products on Google.

Further, GoDaddy’s Smart Shopping campaigns are likely to receive a boost with surfaces on Google, including Google Search, Google Images, Google Maps, YouTube and Gmail.

The Vice-President of Commerce Products at GoDaddy, Greg Goldfarb, said “Expanding our work with Google simplifies creating an E-commerce presence across Google surfaces and jumpstarts sales momentum by leveraging their best in class automated advertising solutions.” (See GoDaddy stock chart on TipRanks)

On July 13, Truist Financial analyst Naved Khan reiterated a Buy rating on the stock with a price target of $112. The analyst’s price target implies 30.2% upside potential from current levels.

According to Khan, the collaboration with Google will act as a tailwind for GoDaddy’s small business customer base and its e-commerce business.

Consensus among analysts is a Strong Buy based on 7 unanimous Buys. The average GoDaddy price target of $104.71 implies upside potential of 21.7% from current levels.

Shares of the company have gained 18.9% over the past year.

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