Shopify Enjoys Growth On Heels Of Black Friday: Here's What Analysts Have To Say
Portfolio Pulse from Priya Nigam
Shopify Inc (NYSE:SHOP) shares rose after reporting a 22% year-on-year increase in Black Friday sales, reaching $4.1 billion. RBC Capital Markets and Oppenheimer maintained Outperform ratings with a price target of $80, while Needham held a Hold rating. Analysts attribute the growth to new merchant wins, e-commerce growth, and market share gains. The sales performance suggests a strong fourth quarter, with clothing, personal care, and jewelry as top categories.
November 27, 2023 | 4:11 pm
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Shopify's Black Friday sales surged 22% to $4.1 billion, with analysts maintaining positive outlooks and setting a price target of $80. The growth is attributed to new merchants, e-commerce expansion, and market share gains, indicating a robust Q4.
The positive Black Friday sales report and the reaffirmation of Outperform ratings by analysts, along with a specific price target, are likely to instill investor confidence and drive short-term stock price growth. The reported sales figures and analyst endorsements directly impact Shopify's market perception.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100