UPDATE: Citigroup Initiates Web.Com Group with Buy, $23 PT on Growth Outlook For Small-Business Web

Citigroup initiates its coverage on Web.Com Group

with a Buy rating and a price target of $23. Citigroup says, "Small businesses (SBs) account for less than 10% of IT spending but ~20% of employment. We believe improved ease of use, accessibility and affordability will result in SB spending on IT increasing to over $120B by 2016. We also view Web.com as an attractive defensive investment with nearly 100% of revenue generated in the US and significant exposure to small business, which hasn't yet recovered from the 2008-09 downturn." WWWW closed at $18.74 on Friday.