Citi raised the firm’s price target on VeriSign (VRSN) to $250 from $246 and keeps a Buy rating on the shares. The firm also opened a “90-day positive catalyst watch” on the shares. Citi’s January domain tracker found an inflection as Verisign’s domain name base returned to sequential growth for the first time in 16 months, led by an improvement in .com trends, the analyst tells investors in a research note. The firm says that with four consecutive months of moderation or improvement in .com, it believes the negative trends were more cyclical in nature. With pricing concerns “now settled,” Citi sees upside in the shares.
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