UPDATE: Jefferies Initiates Coverage on Endurance International Group on Multi-Brand Web Hosting Approach

In a report published Tuesday, Jefferies analyst Brian Fitzgerald initiated coverage on

with a Buy rating and $18.00 price target. In the report, Jefferies noted, “Even though web services are a somewhat commodity business, Endurance has had high margins and steady growth historically, and is participating in a space where there is ample room to expand subs and ARPS both domestically and internationally. We believe the company's track record speaks for itself, and that at ~$12, there is meaningful upside to the stock.” Endurance International Group Holdings closed on Monday at $11.86.