Redburn Atlantic upgraded Shopify to Buy from Neutral with a $99 price target, which represents 40% upside. The company’s “industry-leading innovation, social media integrations, user-friendly platform and unique Shop Pay button functionality” make it best positioned to capitalize on the structural growth as Generation Z’s share of U.S. spending surpasses that of Baby Boomers, and TikTok Shop prompts innovation across Western social media platforms, the analyst tells investors in a research note. The firm says Shopify’s ability to continue to win market share is backed by its “extensive” ecosystem and platform capabilities. It anticipates material enterprise merchant wins in 2025.
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