The analyst says that GDDY is an under-owned, durably growing cash machine with a dash of AI. 

Although the 2023 web design industry top-of-funnel trends have somewhat underperformed expectations due to continued churn post-COVID, the analyst sees GDDY's uniquely hedged customer acquisition channel as a tailwind and expects it to gain outsized benefits as AI tools reduce customer acquisition friction.

The analyst expects workload migration/ unification to drive cost synergies, and says the heavy multi-year product development investments can be tied to revenue growth.

Also, the analyst estimates revenue and adjusted EBITDA of $4.255 billion and $1.124 billion for FY23 and $4.61 billion and $1.377 billion for FY24.

Price Action: GDDY shares are trading higher by 2.85% at $95.51 on the last check Wednesday.