VeriSign downgraded to Neutral from Outperform at Baird

Baird downgraded VeriSign to Neutral from Outperform with a price target of $245, down from $265. The analyst sees less upside to shares in the near-term due to weaker domain growth trends, which the firm says are now running below the company’s guided range and could drive a further reduction in domain guidance for the year. VeriSign’s current valuation reflects a period of higher domain growth, which makes it challenging to argue for multiple expansion, the analyst tells investors in a research note. Baird continues to view VeriSign as a “safe long-term investment.”