JMP Securities upgraded Squarespace to Outperform from Market Perform with a $40 price target. The firm says Google Domains make its 2024 estimate appear conservative, international localization and pricing is a tailwind, and industry-wide rationalization increases confidence that Squarespace’s margins can expand. With Google Domains contributing to revenue as domains are renewed, JMP’s above-consensus estimates call for organic high-single-digit bookings and revenue growth in 2024, the analyst tells investors in a research note.
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