These Analysts Boost Their Forecasts On Shopify After Strong Q2 Results
Portfolio Pulse from Avi Kapoor
Shopify Inc. (NYSE:SHOP) reported strong Q2 results, with revenue and EPS surpassing analyst expectations. The company provided an optimistic outlook for Q3 2024, expecting revenue growth and improved gross margins. Analysts from Morgan Stanley and Truist Securities raised their price targets for Shopify following the earnings announcement.
August 08, 2024 | 1:02 pm
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Shopify reported better-than-expected Q2 earnings, with revenue growing 21% YoY to $2.05 billion and adjusted EPS of 26 cents. The company provided an optimistic outlook for Q3 2024. Analysts from Morgan Stanley and Truist Securities raised their price targets for Shopify.
Shopify's strong Q2 performance and optimistic Q3 outlook are likely to boost investor confidence. The raised price targets from analysts further support a positive short-term impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100