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北京时间·🕒 发布 08-03 21:19:23时区推断·⟳ 抓取 08-03 21:19:31·⚡ 决策 08-04 10:48:04 +13h28m·84.6 天前
Wedbush称GoDaddy向AI建站转型将压制近端增长和利润率弹性
Wedbush维持Outperform但将目标价从109美元降至93美元，核心变化是AI建站转型带来约100bp的2026年公司总预订影响。
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GoDaddy's web-building ecosystem utilizes more LLMs in development process: Wedbush
GoDaddy (GDDY) indicated in its latest earnings call that more customers are utilizing large language models in their w…
不做 GoDaddy（GDDY.US）
财报后分析师再解读，股价已在上周五对二季报大跌反应；同时长期AI产品数据仍有正面分项，当前无清晰新增交易edge。
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研究档案
🔎 新鲜度:最早出现 2026-08-03 · 扩散 medium · price-in 风险 high ↗
关键理由
- Wedbush维持Outperform但将目标价从109美元降至93美元，核心变化是AI建站转型带来约100bp的2026年公司总预订影响。
- Airo年化预订运行率从1Q的1000万美元升至5000万美元，说明长期产品方向并非单边利空。
- 公司股价已在上周五二季报后下跌16.7%，当前消息更多是对已披露业绩电话会内容的分析师再解读。
主要风险
- AI建站和vibe coding计算成本可能限制未来数年毛利率上行。
- 该事件已经历一个完整美股交易日且源于既有财报电话会，剩余事件交易窗口弱。
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- stock_quote · 结果未知
原文全文
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GoDaddy (GDDY) indicated in its latest earnings call that more customers are utilizing large language models in their website builds, which is creating a transition period for the company, according to Wedbush.
"GoDaddy is responding and pushing its shift to agentic web building/vibe coding faster and building products to integrate more directly with LLMs," said Wedbush analyst Ygal Arounian in a Monday investor note. "But there is going to be a transition period here, and it is impacting growth near-term. While management has done a strong job of maintaining and expanding margins through multiple layers of internal efficiencies, vibe coding has higher compute costs, which may drive more limited upside in margins in the next few years during this transition."
Shares of the company tumbled 16.7% by the close of Friday trading after releasing its second quarter results on Thursday.
Wedbush maintained its Outperform rating on GoDaddy but reduced its price target to $93 from $109.
"GoDaddy is accelerating the roll-out of Airo, its agentic operating system for small businesses, while folding certain stand-alone capabilities like commerce into Airo," Arounian noted. "As part of this transition, it is also essentially merging Websites+Marketing into Airo as a single product. Management expects a ~100bps impact to total company bookings in 2026 as it works through the transition. On a positive note, management noted that Airo reached an annualized bookings run rate of $50mm, up from $10mm in 1Q."
"As the web building and domain ecosystem and funnel evolve, GoDaddy is launching the GoDaddy Developer Program, which includes domain APIs that plug in to LLMs to capture the funnel that is starting domain buys and website builds there," Arounian added. "This ultimately should end up being an important product for the largest global domain registrar provider and position to participate in this transition."
GoDaddy intends to maintain its gross margin despite a push towards AI-based web building, which is a lower gross margin product, according to Wedbush.
"GoDaddy is responding and pushing its shift to agentic web building/vibe coding faster and building products to integrate more directly with LLMs," said Wedbush analyst Ygal Arounian in a Monday investor note. "But there is going to be a transition period here, and it is impacting growth near-term. While management has done a strong job of maintaining and expanding margins through multiple layers of internal efficiencies, vibe coding has higher compute costs, which may drive more limited upside in margins in the next few years during this transition."
Shares of the company tumbled 16.7% by the close of Friday trading after releasing its second quarter results on Thursday.
Wedbush maintained its Outperform rating on GoDaddy but reduced its price target to $93 from $109.
"GoDaddy is accelerating the roll-out of Airo, its agentic operating system for small businesses, while folding certain stand-alone capabilities like commerce into Airo," Arounian noted. "As part of this transition, it is also essentially merging Websites+Marketing into Airo as a single product. Management expects a ~100bps impact to total company bookings in 2026 as it works through the transition. On a positive note, management noted that Airo reached an annualized bookings run rate of $50mm, up from $10mm in 1Q."
"As the web building and domain ecosystem and funnel evolve, GoDaddy is launching the GoDaddy Developer Program, which includes domain APIs that plug in to LLMs to capture the funnel that is starting domain buys and website builds there," Arounian added. "This ultimately should end up being an important product for the largest global domain registrar provider and position to participate in this transition."
GoDaddy intends to maintain its gross margin despite a push towards AI-based web building, which is a lower gross margin product, according to Wedbush.
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