JMP Securities analyst Andrew Boone downgraded Shopify to Market Perform from Outperform and removed the firm’s prior $80 price target. The firm still believes Shopify has “tremendous momentum,” but is fine-tuned model now projects 2025 adjusted operating income to be 7% below consensus, the analyst tells investors. With GMV growth now more weighted toward enterprise, gross profit margins face new headwinds, the analyst contends.
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