Shopify Expects Stronger Margins And EBIT In FY24: Analyst
Portfolio Pulse from Lekha Gupta
Oppenheimer analyst Ken Wong raised Shopify's (NYSE:SHOP) price target to $80 from $70 with an Outperform rating, citing stronger margins and EBIT in FY24. The analyst is bullish on the company's strategic shift and expects total operating expense savings of around $750 million.
June 20, 2023 | 6:13 pm
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Shopify's price target has been raised to $80 from $70 by Oppenheimer analyst Ken Wong, who is bullish on the company's strategic shift and expects stronger margins and EBIT in FY24.
The analyst's bullish stance on Shopify's strategic shift and the expectation of stronger margins and EBIT in FY24, along with a raised price target, indicate a positive short-term impact on the stock. The operating expense savings of around $750 million also contribute to the positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100