Shopify Prepares To Report Q1 Earnings: Charts Indicate Bullish Reversal, Analysts Predict Downside
Portfolio Pulse from Surbhi Jain
Shopify Inc (NYSE:SHOP) is set to report its Q1 earnings with expectations of 17 cents EPS and $1.845 billion in revenues. Despite a bullish technical trend indicating a potential reversal, analysts predict a downside with a target price of $63.17, suggesting a -17.70% downside potential. The stock has risen 18.44% over the past year but is down 2.04% YTD.

May 07, 2024 | 5:40 pm
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NEUTRAL IMPACT
Shopify's technical indicators suggest bullish momentum ahead of Q1 earnings, but analyst consensus points to a significant downside potential.
The bullish technical indicators, including positive momentum from moving averages and oscillators, suggest short-term price strength for Shopify. However, the analyst consensus indicating a significant downside potential creates uncertainty. This mixed outlook leads to a neutral score, reflecting both the positive technical analysis and the negative analyst expectations.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100