JPMorgan upgrades GoDaddy to Overweight with $110 price target

JPMorgan analyst Sterling Auty upgraded GoDaddy to Overweight from Neutral with a price target of $110, up from $83, following last night's Q2 results. The stock in premarket trading is up 9.5%, or $7.09, to $81.54. GoDaddy's Website + Marketing program is helping the company gain market share versus traditional HTML-coded websites, which complements the strength it is seeing in the domain business, Auty tells investors in a research note. Plus, management is making strategic changes like the acquisition of the Neustar registry business that can help growth and margins moving forward, adds the analyst. Further, Auty would not be surprised to see GoDaddy enter into the payments area to "bolster the doubling in uptake" of ts e-commerce offering.