Citi has increased its price target for VeriSign (VRSN, Financial) from $260 to $288, maintaining a Buy rating on the stock. This adjustment comes in response to a revision of its first-quarter domain name estimate, reflecting a stronger than anticipated growth in domain registrations.
The analyst anticipates that VeriSign's management will likely raise their guidance going forward, though they are expected to approach it with caution. This optimism is driven by the company's robust performance and minimal exposure to direct tariff impacts, positioning VeriSign as a particularly resilient option within Citi's coverage.
Looking ahead to fiscal year 2025, the projections incorporate the positive trends observed in domain growth. VeriSign continues to be viewed as a stable investment choice due to its defensive characteristics and consistent performance in its sector.
