BofA Securities analysts reiterated their Buy rating on Squarespace (NYSE:SQSP) with a price target of $35.00. The analysts believe that Squarespace is well-positioned to capture a larger share of the website building and hosting market, particularly as a design-focused platform targeting “prosumers” – service professionals who are building websites for their small businesses.

The analysts pointed out that the extensive total addressable market (TAM) is highlighted by the diverse range of “prosumers” across various categories, from barbers to wedding photographers.

Furthermore, Squarespace’s pricing structure, starting at $24 per month for the base package, provides room for expansion of services while catering to a wide range of potential customers. This strategy sets Squarespace apart from its competitors in the higher-end market, such as Shopify, Wix, and GoDaddy.

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