Shopify Expected To Show Robust Merchant Growth In 2Q23, Survey Indicates: Analyst
Portfolio Pulse from Shivani Kumaresan
Roth MKM analyst Darren Aftahi reiterated a Buy rating on Shopify Inc (NYSE: SHOP) and raised the price target from $68 to $73. The analyst surveyed SHOP merchants and found a median growth of 14.2% in 2Q23, up from 10.4% in Q123. About 90% of respondents used SHOP payments, 62% used SHOP shipping solutions, and 95% had a social commerce presence. The analyst expects 2Q23 revenue/non-GAAP operating income of $1.6 billion/$57.8 million, in line with consensus expectations. SHOP shares are trading higher by 6.04% at $69.02.
July 13, 2023 | 5:33 pm
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Roth MKM analyst Darren Aftahi reiterated a Buy rating on Shopify and raised the price target from $68 to $73. The analyst expects 2Q23 revenue/non-GAAP operating income of $1.6 billion/$57.8 million, in line with consensus expectations. SHOP shares are trading higher by 6.04% at $69.02.
The analyst's positive outlook and raised price target for Shopify, along with the reported robust merchant growth, are likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100