Baird upgraded Squarespace to Outperform from Neutral with a price target of $39, up from $30. There has recently been a meaningful shift in investor sentiment regarding the web building category but Squarespace has not participated to a sufficient degree despite its “healthy” execution, revenue growth, and margin expansion, the analyst tells investors in a research note. The firm believes the company is well positioned to see its fundamental merits better appreciated in estimates and valuation over the near-term, aided by continued strength in execution, the integration of Google Domains, and the investor day on May 15.
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