On Monday, Baird, a financial services firm, increased its price target on shares of GoDaddy Inc (NYSE:GDDY) to $150 from $130, while maintaining an Outperform rating. The adjustment follows a series of investor meetings with GoDaddy's Chief Financial Officer, Mark McCaffrey, and VP of Investor Relations, Christie Masoner.
During the meetings, which took place earlier in the week, Baird gathered insights about GoDaddy's business trajectory and growth potential. The firm's analyst believes that GoDaddy is in the initial stages of a significant transformation with a substantial portion of its growth opportunity still ahead.
The analyst from Baird highlighted GoDaddy's favorable positioning relative to its three-year business outlook. The company is seen as having several potential catalysts for growth and is currently trading at what Baird considers an attractive valuation.
Reiterating GoDaddy as Baird's Best Idea, the firm expressed confidence in the company's strategic direction and future prospects. The increased price target to $150 reflects Baird's positive outlook on GoDaddy's performance potential in the market.
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