Squarespace downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Josh Beck downgraded Squarespace to Sector Weight from Overweight without a price target. Despite Beck’s generally constructive stance on both management teams and long-term strategy in the commerce/backoffice software space, reduced visibility prompts a more cautious stance on Squarespace. Pricing optimization and Tock momentum are likely to help near-term results, but Beck looks for increased visibility to growth initiatives, such as branded payments, as sources of potential incremental fundamental upside.