Shares of Shopify (NYSE:SHOP)(TSE:SHOP) are slightly higher today, which can be attributed to an analyst upgrade. Gil Luria of DA Davidson changed his rating from Hold to Buy while reiterating a price target of $50 per share.
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Luria believes that current analyst consensus may be too conservative. He also noted that he’s encouraged by Shopify’s competitive positioning in the mobile market. Furthermore, Luria expects that price increases will reduce the downside risk and forecasts that subscription revenue will jump by 12%.
Overall, Wall Street analysts have a consensus price target of $47.83 on SHOP stock, implying 12.95% upside potential, as indicated by the graphic above.