GoDaddy price target raised to $90 from $80 at RBC Capital

RBC Capital analyst Brad Erickson raised the firm’s price target on GoDaddy to $90 from $80 and keeps a Sector Perform rating on the shares. The company’s Q3 results were “good” with accelerating business as bookings were ahead of revenue, the analyst tells investors in a research note. GoDaddy’s higher margin Apps & Commerce segment is outperforming and the company is finding incremental cost cuts, the firm states, adding that catalysts for the company are ahead, with a favorable path forward that will likely be laid out in more detail.