Canaccord raised the firm’s price target on Shopify (SHOP) to $140 from $125 and keeps a Buy rating on the shares. The firm said it was another excellent quarter for Shopify, as the firm delivered accelerating revenue growth and expanding FCF margins largely as expected. Canaccord recognizes the stock is expensive and notes high valuations can obviously make stocks susceptible to swings on seemingly minute changes in key metrics.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SHOP:
- Shopify’s Strong Growth and Profitability Make it a Compelling Buy
- “Upmarket” Shopify (SHOP) Set to Accelerate Growth, say Analysts
- Cathie Wood’s ARK Makes Big Trades. Sells PLTR and Hood but Buys SHOP, AMD, TSM, and AMZN
- Shopify Reports Robust Growth and Strong 2024 Performance
- Shopify’s Strong 2024 Earnings Call Highlights