Shopify initiated with a Sell at UBS

UBS analyst Kunal Madhukar initiated coverage of Shopify (SHOP) with a Sell rating and $30 price target. The analyst warns that his projections for personal consumer expenditures on goods suggests that consensus estimates for GMV and revenue are not de-risked for a recession in the first half of 2023. Madhukar adds that his surveys suggest Amazon’s (AMZN) Buy with Prime could be a significant risk to Shopify’s top line over the long-term, especially to the extent its Payment solution gets "disintermediated".