GoDaddy downgraded to Neutral on shift to growth at Piper Sandler

Piper Sandler analyst Clarke Jeffries downgraded GoDaddy to Neutral from Overweight with a price target of $88, down from $100. The analyst now favors growth software names over value stocks. The firm says GoDaddy’s compression to mid-single-digit growth has put the company’s ability to produce $8 of free cash flow per share by 2024 in jeopardy, which limits the stock’s upside.