Shopify shares likely range-bound after Q1 report, says Jefferies

Jefferies believes Shopify (SHOP) executed well in Q1 and that the business continues to have good momentum. However, with the beat magnitudes moderating and tariff risks “yet to be resolved,” the stock will be range-bound in the short term, the analyst tells investors in a research note. Jefferies says Shopify’s Q2 outlook met consensus for revenue growth but fell short on margins. Estimates not moving higher “may anchor the stock, but the controllable performance was solid,” the firm contends.