VeriSign (VRSN) PT Lowered to $200 at Baird

Baird analyst Rob Oliver lowered the price target on VeriSign (NASDAQ: VRSN) to $200.00 (from $215.00) while maintaining a Neutral rating.

The analyst commented: "VeriSign reported challenging 1Q'24 results. Total domain growth remains sluggish, and the 2024 domain growth was lowered to (1.75%) to +0.25%, down from (1%) to +1%. China weakness is the biggest factor, and management projects similar declines in China for 2024. The company is rolling out new marketing plans in effort to jump-start domain growth in US. Valuation remains near low-end of range. Economic recovery, channel actions, and China draw-down could make for favorable compares in 2025. While the news is mostly bad, we are warming."

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