Squarespace stock set for second-straight double-digit decline after ‘disappointment’ with investor day


Shares of Squarespace Inc. SQSP, -10.60% are on track to register their second-straight double-digit percentage decline Friday as analysts continued to weigh in on the company’s analyst-day commentary. Shares are off 10.8% in Friday trading after falling 12% in Thursday’s session. While the company outlined its opportunities in commerce during the Thursday event, “the disappointment on the day proved to the company’s long-term margin guidance pointing to very little, if any, free-cash flow margin leverage remaining in the business, which was below what we believe investors were expecting long term,” wrote RBC Capital Markets analyst Brad Erickson late Thursday. He has a sector-perform rating on the stock and cut his price target to $39 from $48. Mizuho analyst Siti Panagrahi had a different take, writing that “a lack of guidance on long-term revenue growth likely disappointed investors, leading to share price weakness and likely keeping shares range-bound in the near-term.” He noted that the company is expected to give “top-line growth guidance” on its fourth-quarter earnings call. Panagrahi rates the stock a buy but lowered his price target to $60 from $70.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleRetirement Weekly: News and analysis for those planning for or living in retirement
Next articleCitadel CEO Ken Griffin revealed as buyer of rare print of U.S. Constitution


Please enter your comment!
Please enter your name here