Squarespace shares fall after PT cuts

Squarespace

08/03/2022 14:16

** Website design firm's shares  SQSP.N  down 5.9% at $22.49
premarket
    ** J.P. Morgan cuts PT to $47 from $70, RBC Capital Markets
to $22 from $39
    ** The pull-forward in demand created by the pandemic is
complete, and 2022 will reflect the tough comparisons from both
that dynamic and a shift back to organic growth, says JPM
    ** "We believe lapping of last year's H1 COVID strength
continues to wreak havoc on web design companies' subscription
growth as evidenced by SQSP's report and FY guidance calling for
only modest growth for subscribers" - RBC
    ** Co on Monday forecast Q1 revenue in range of $203 mln-
$205 mln vs. analysts' forecast of $205.2 mln - Refinitiv
    ** Up to last close, stock had fallen ~19% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))