VeriSign stock sinks to lead S&P 500's losers after Baird cuts rating, price target
Shares of VeriSign Inc. (VRSN) dropped 5.4% toward a near three-month low, enough to pace the S&P 500's decliners, after Baird turned bearish on the domain name registry services company, citing concerns over domain growth. Analyst Rob Oliver cut his rating to neutral, after being at outperform since December 2022, and lowered his stock price target to $245 from $265. "We see less upside to shares in the near term due to weaker domain growth trends, which are now running below the guided range and could drive a further reduction in domain guidance for the year," Oliver wrote in a note to clients. The stock has gained 3.7% year to date, while the S&P 500 has rallied 15.0%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-11-23 1427ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations