Company: Shopify (SYM: SHOP) Keep an eye on Shopify (SYM: SHOP). The stock just broke from consolidation, last trading at $69.78. From here, we’d like to see it refill its bearish gap at around $77.50 near term. Helping, Bank of America just upgraded SHOP to a buy rating with a price target of $82. |
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“Following years of declining margin, we believe that the company has turned a corner on balanced growth and margin, under new CFO Jeff Hoffmeister,” said the firm, as quoted by Barron’s. They also forecast “solid revenue growth and FCF conversion from here,” driven by solid baseline e-commerce growth, steady share gains, and disciplined expense spending. Even analysts at Wolfe Research just initiated at outperform rating on the SHOP stock with a price target of $80 a share. Evercore ISI also upgraded the stock to an outperform rating with a price target of $75 a share. |
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Goldman Sachs also upgraded the stock to a buy rating, with a price target of $74 a share, adding that, “Given Shopify’s significant technology moat in eCommerce software and share gain across eCommerce cycles, we believe these investments will drive more durable revenue growth at scale,” adding that if Shopify is successful in converting investments to growth, there is a path to 42x 2026 free cash flow of $1.75 per share. With a good deal of negativity priced into the SHOP stock, and plenty of new price targets, weakness is an opportunity in SHOP shares. |
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