Citi analyst Ygal Arounian has maintained their bullish stance on VRSN stock, giving a Buy rating yesterday.
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Ygal Arounian’s rating is based on the recent positive trends observed in Verisign’s domain name business. The company has experienced a sixth consecutive month-over-month increase in total domains, primarily driven by growth in .com domains, which make up a significant portion of their domain base. This growth is notable as it marks the first year-over-year increase in .com domains in over 15 months, indicating a potential turnaround in the company’s performance.
Furthermore, Verisign’s management has reported improvements in both new domain registrations and renewal rates. The company’s marketing programs aimed at registrars appear to be effective in encouraging net customer additions. These factors, combined with stabilized global trends, suggest a positive outlook for Verisign, supporting Arounian’s Buy rating.
In another report released yesterday, Robert W. Baird also maintained a Buy rating on the stock with a $305.00 price target.