Lack Of E-Commerce Visibility Leads To Squarespace Downgrade, Analyst Says

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  • KeyBanc analyst Josh Beck downgraded Squarespace, Inc SQSP to Sector Weight from Overweight without a price target.
  • The re-rating reflected a more measured e-commerce backdrop.
  • Despite Beck's generally optimistic stance on management teams and long-term strategy in the commerce and back-office software space, reduced e-commerce visibility prompts a more cautious stance on Squarespace. 
  • Beck sought increased visibility to growth initiatives, like branded payments, as potential incremental fundamental upside sources.
  • Pricing optimization and Tock momentum are likely to help near-term results.
  • As announced in November, e-commerce juggernaut Amazon.Com, Inc AMZN reportedly initiated a round of record layoffs affecting over 18,000 employees as it battled slowing online sales growth and a possible recession.
  • Price Action: SQSP shares traded lower by 9.07% at $20.85 on the last check Friday.
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