These Analysts Revise Their Forecasts On Shopify After Q1 Results
Portfolio Pulse from Avi Kapoor
Shopify Inc (NYSE:SHOP) reported Q1 2024 earnings with a 23% year-over-year revenue growth to $1.86 billion, surpassing estimates. Adjusted EPS was 20 cents, beating the 17 cents forecast. Gross merchandise and payments volumes also saw significant increases. Despite the positive results, Shopify shares fell 18.6% to close at $62.73. Analysts from Mizuho, Baird, and Piper Sandler revised their price targets and ratings post-earnings, with adjustments reflecting a mix of lowered targets and an upgrade in rating.
May 09, 2024 | 12:19 pm
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Shopify reported strong Q1 2024 results with revenue and EPS beating estimates, but shares fell 18.6%. Analysts revised price targets and ratings.
The positive earnings report typically would suggest a potential increase in stock price, but the significant drop in share price indicates market reactions may have been influenced by other factors or expectations. Analysts' revised price targets and ratings reflect a cautious or mixed outlook, potentially impacting short-term stock performance.
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