RBC 将 GoDaddy（GDDY）从跑赢行业下调至行业中性，盘前一度跌约3%

GoDaddy ( GDDY ) shares slipped 1.7% in premarket trading on Monday as RBC downgraded the web development firm to Sector Perform from Outperform. “The internet was built on static pages, information asymmetry & discoverability, and GDDY built a great business monetizing each of those layers,” RBC analyst Brad Erickson wrote in a note to clients. “With that said, the web is transitioning from a set of uncustomized, publisher-driven pages to a dynamic ecosystem of interacting agents that configure outcomes entirely around user intent in real-time: MyNet. The stock's 38% bounce off the June bottom and AI's persistence in reshaping how businesses get online prompt us to downgrade to Sector Perform. We endorse GDDY prudently embracing AI and Airo is showing real traction, but we see potential for reduced pricing power, lower A&C attach rates and domain share erosion as this shift accelerates. Where we could be wrong: GDDY's new APIs gain meaningful vibe coding platform traction, Airo drives net-new A&C share gains and bookings growth returns to low/mid-teens levels. At 9x EV/'27E FCF, the stock embeds AI risk, but our view of where the puck is heading leaves less room for multiple expansion.”