Shopify Attracts a New Bull With MoffettNathanson Pointing to Enterprise Business Inflection

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Shopify Attracts a New Bull With MoffettNathanson Pointing to Enterprise Business Inflection

Seekingalpha2023-07-25

SVB MoffettNathanson upgraded Shopify to an Outperform rating from Market Perform on the view that the recent rally still has legs.Analyst Michael Morton said the upgrade implies expectations for an ...

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Better yet, early signs suggest the transition to the enterprise is already underway,\" he noted.Morton and his team pointed to preliminary data already pointing to increasing traction for the enterprise business, which is seen as potentially offsetting the concerns with analysts about the fulfillment problems for SHOP. SVB MoffettNathanson is also positive about web traffic to the Shopify Plus login page outpacing the traffic to incumbent enterprise offerings. The recent C-suite hires by Shopify were also highlighted as positive developments.SVB MoffettNathanson lifted its price target on SHOP to $76 from $53. The 52-week high for SHOP is $71.43. Shares rose 0.66% in early afternoon trading on Monday to $66.00.Looking ahead, Shopify is scheduled to post Q2 earnings results on August 2. The consensus marks for the quarter are for revenue of $1.62B and EPS of $0.05. 21 of the last 25 EPS revisions from analysts have been to the upward side. 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