Baird analyst Rob Oliver upgraded VeriSign to Outperform from Neutral with a price target of $265, up from $216. Investor focus could turn towards the company’s upcoming contract renewal in 2024 and the durability and growth of its free cash flow "in an otherwise difficult software tape," Oliver tells investors in a research note. He believes domain growth weakness is well known to the Street, while the reopening of China "could provide a modest tailwind in a difficult macro." Oliver views VeriSign’s risk/reward as favorable and sees room for multiple expansion.
Published first on TheFly
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