Citi ups Shopify target, adds to U.S. Focus List

Citi raised the firm’s price target on Shopify to $96 from $95 and keeps a Buy rating on the shares. The analyst also added the shares to Citi’s U.S. Focus List. The analyst says the stock’s event path offers accelerating revenue growth in the second half of 2024 with profitability set to inflect in 2025. Shopify also avoids the ongoing macro, artificial intelligence induced budget uncertainty as it is more of a “downstream beneficiary” of AI trends, the analyst tells investors in a research note. Citi is encouraged by recent e-commerce trends “that have shown more resilience in May, which is a positive.”