“After plummeting from about $77.50 to a low of $60.64 on weak guidance, Shopify (SYM: SHOP) has become incredibly oversold. Helping, analysts at JMP Securities just upgrade the stock to an outperform rating, with a price target of $80,” we said on May 10.
“Our upgrade is driven by the potential for new merchant cohorts to contribute in 2025 and beyond, Plus, subscription price increases coming on in 2H24, and our belief that the company remains a best-in-class eCommerce platform that is taking share and has multiple adjacencies across financial services, advertising, and merchant services,” said the firm, as quoted by CNBC.
At the time, SHOP traded at around $59 a share.
With a good amount of fear now priced into the SHOP stock, it’s finally starting to pivot higher. Last trading at $67.66, we’d like to see SHOP refill its bearish gap at around $77.50 near term.
