RBC Capital Raises Price Target on Web.com Group (WEB) Following Solid 1Q; Reiterates Sector Perform

RBC Capital reiterated a Sector Perform rating on Web.com, Inc. (NASDAQ: WEB), and raised the price target to $24.00 (from $23.00), following the company's 1Q earnings report. Non-GAAP Revenue of $153.4MM came in just above Street’s $151.1MM and at the high end of management’s guidance range of $150.5-153.5MM. Non-GAAP EPS of $0.63 was near the Street’s $0.62 and was, again, at the high end of guidance.

Analyst Mark Mahaney commented, "Web.com reported solid Q1 results towards the high end of guidance, with stable underlying metrics. This is the first quarter with Yodle in the mix (though just for 23 days), and Web.com did not disappoint. While valuation remains reasonable, we remain Sector Perform, as we wait to see acceleration in organic growth. PT to $24."

For an analyst ratings summary and ratings history on Web.com, Inc. click here. For more ratings news on Web.com, Inc. click here.

Shares of Web.com, Inc. closed at $19.84 yesterday.

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