Why GoDaddy Stock Withered on Wednesday
An analyst downgraded his recommendation on the reigning king of domain registrars.
Overview
Many investors chose not to go with GoDaddy (NYSE: GDDY) stock on Wednesday. One major factor in this was a recommendation downgrade from an analyst at a prominent American bank. On a day when the S&P 500 index essentially flat-lined, GoDaddy's stock sank by more than 4%.
The person pulling the lever on the GoDaddy downgrade was Wells Fargo's Alec Brondolo. Well before market open that morning, he changed his rating to underweight (sell, in other words) from his preceding equal weight (hold). He also knocked a few dollars off his price target; this is now $76 per share, from $80.
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Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.