GoDaddy (GDDY): Focus on International Markets is a Key Opportunity - Piper Jaffray
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Piper Jaffray analyst, Samuel Kemp, reiterated his Overweight rating on shares of GoDaddy Inc (NYSE: GDDY) and believes the company will see a positive outcome after the new CFO Ray Winborne indicated he looks to double GoDaddy's size over the next four years. Key to this is deeper penetration of the countries it has recently localized, where it is well prepared to begin forcefully competing. This growth will be a combination of taking market share from existing incumbents and from being an early, dominant player in markets that are approaching inflection points in domain-related development.
The analyst believes "India, Brazil, and China can contribute 14M-16M domains to GoDaddy's current portfolio of 63M managed domains over the next 5 years, driving domain and hosting revenue. Half of this opportunity is in India, where we see a cocktail of encouraging factors driving internet availability/adoption, shifts in internet engagement for lifestyle purposes, and the need for SMEs to get online. GoDaddy is the market leader in India's otherwise fragmented market, reportedly taking 60% share of new registrations".
No change to the price target of $38.00
Shares of GoDaddy Inc closed at $33.35 yesterday.
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