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HomeBusinessSquarespace Shares Gain 3 percent Following Mizuho’s Upgrade

Squarespace Shares Gain 3 percent Following Mizuho’s Upgrade

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Squarespace (NYSE:SQSP) shares rose more than 3% pre-market today after Mizuho analysts upgraded the company to Buy from Neutral, significantly raising the price target to $50.00 from $34.00. The analysts believe Squarespace is poised to significantly exceed consensus estimates, projecting a 22% year-over-year growth in 2024 and 20% in 2025, compared to the consensus of 19% and 14%, respectively.
The analysts pointed out several growth levers that are currently underappreciated by the market. These include the acquisition of Google Domains, which is expected to have a halo effect by driving new domain registrations, anticipated pricing advantages in 2025, and a modest boost from Squarespace Payments. The analysts suggest that these factors will enable Squarespace to achieve over 20% growth with 30% unlevered free cash flow margins in the medium term.
Additionally, the upcoming investor day next week is seen as a potential catalyst that could lead to a revaluation of the company’s shares.

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