Shopify (NYSE: SHOP) was up in morning trading on Wednesday after JMP Securities analyst Andrew Boone upgraded the stock to a Buy from a Hold with a price target of $65. The analyst’s price target is the highest on the Street and implies an upside potential of 45.2% at current levels.
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The analyst stated that while the Canadian e-commerce company’s gross merchandise volume estimates have increased as it gains traction with larger enterprise businesses, there is “room for greater expense discipline.”Boone added that the size of Shopify’s fulfillment network investments is less than expected and it has the opportunity to execute on cost synergies with the Deliverr acquisition.
Analysts rate SHOP stock a Moderate Buy based on 10 Buys, 19 Holds, and one Sell.