Loop Capital lowered the firm’s price target on Shopify to $80 from $90 and keeps a Hold rating on the shares. The firm was “etremely encouraged” by the company’s “significant” sequential improvements in sales trends feedback as well as merchant satisfaction, and it is raising its estimates ahead of Shopify’s earnings release expected in early May, boosting its FY24 EPS view by 3c to $1.10. Loop notes however that its reduced price target reflects the growing expectation that the U.S. Federal Reserve will lower interest rates fewer times than previously thought, if at all, warning that elevated interest rates will weigh on high growth stock valuations.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SHOP:
- JMP Securities tech/software analysts hold analyst/industry conference call
- Needham technology analysts hold an analyst/industry conference call
- Shopify Stock (NYSE:SHOP): Does High Growth Justify the High Valuation?
- YouTube debuts Shopping Collections helping creators to curate
- Shopify price target raised to $87 from $85 at Baird