UPDATE: JP Morgan Initiates Web.com with Overweight, $18 PT
JP Morgan initiates its coverage on Web.com (NASDAQ: WWWW) with an Overweight rating and an $18 price target as the company is capitalizing economies of scale and operating efficiencies to provide small businesses with an online presence.
JP Morgan comments, "The two critical metrics in this subscription-style business are customer churn and ARPU, both of which are trending nicely in the right direction. Churn before including the positive impact of Network Solutions is 1.7%, and ARPU has climbed to $16.73 from $14 just over a year ago."
WWWW closed at $9.59 per share on Monday.
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