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Shopify upgraded to Buy from Neutral at Roth Capital
The Fly

Shopify upgraded to Buy from Neutral at Roth Capital

Roth Capital analyst Darren Aftahi upgraded Shopify to Buy from Neutral with a price target of $56, up from $38. The analyst says tough COVID compares are now behind the company and that Shopify could see sales growth as high as 20% in 2023. The company is implementing new pricing tiers and raising monthly subscription costs by around 33% while maintaining annual costs, which improves revenue visibility, Roth tells investors in a research note. It believes the shares should trade with a premium multiple relative to its growth peers.

Published first on TheFly

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