Citi raised the firm’s price target on Shopify to $103 from $90 and keeps a Buy rating on the shares. Recent conversations with the company provided incremental confidence in Shopify’s Payments adoption and cross-sell of select Merchant Solutions products, the analyst tells investors in a research note. The firm remains optimistic on accelerating revenue growth in the second half of 2024 with its profitability set to inflect in 2025. Citi sees upside to Street forecasts for Shopify.
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