Roth MKM analyst Darren Aftahi keeps a Buy rating and $85 price target on Shopify ahead of the company’s Q4 results. The analyst notes that merchant checks suggest modest growth acceleration from the firm’s prior quarter survey, with median and mean growth rates of 15.2% and 17.1%, respectively. Beyond its Q4 outperformance however, Shopify needs to demonstrate meaningful continued operating leverage in 2024 over the firm’s 17.5% average operating margin estimates for the firm’s second half of 2023, the analyst added.
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