Squarespace price target raised to $45 from $40 at JMP Securities

JMP Securities raised the firm’s price target on Squarespace to $45 from $40 and keeps an Outperform rating on the shares. The firm believes Squarespace guidance suggests revenue slows to up 9% year over year, down from 11.5% year over year growth in 4Q23, which JMP views as overly conservative. With Squarespace announcing a $500M repurchase authorization last quarter, JMP expects Squarespace to close the valuation gap with Wix, the analyst tells investors in a research note.