Citi Reiterates Buy Rating on VeriSign (VRSN)

Citi analyst Ygal Arounian reiterated a Buy rating and $215.00 price target on VeriSign (NASDAQ: VRSN)

The analyst comments "We lower our 3Q24 domain name base estimate to reflect September data, which was slightly lower than our prior estimate. Our 3Q24 revenue estimate decreases slightly and the lower domain estimate flows through to slightly lower FY24 estimates. We expect investors to remain most interested in any incremental insights into two upcoming .com contracts with ICANN and the DOC, particularly the latter as it has more price implication uncertainty around it. We remain confident Verisign will renew these contracts as is. The DOC has announced its intent to renew and ICANN’s proposed Registry Agreement states Verisign has met all criteria needed for renewal. We’ll be looking to learn more about any potential .com pricing discussions with the DOC, the state of the factors impacting .com domain trends (and line of sight into a return to domain growth in 2H25), and early impacts from the new registrar marketing programs rolled out."

For an analyst ratings summary and ratings history on VeriSign click here. For more ratings news on VeriSign click here.

Shares of VeriSign closed at $186.86 yesterday.

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