Roth MKM continues to recommend Shopify
Roth MKM continue to recommend Shopify (SHOP)
SHOP
+6.70%
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The Shopify (NYSE:SHOP) price target was raised to $73 per share at Roth MKM on Thursday, with analysts reiterating a Buy rating on the stock in a client note.
In the Shopify second quarter preview, the analysts told investors that merchant checks suggest growth acceleration from the firm’s prior survey, with median and mean growth rates of 14.2% and 15.3%.
They added that the firm has historically used this as a proxy for GMV growth, which they model at 13.6% for 2Q.
“SHOP has typically outperformed our survey work,” the analysts wrote. “Our checks give us confidence our/consensus topline estimates could prove conservative, along with an improving profit outlook.”
“We continue to recommend SHOP shares with industry-leading growth in the mid-20%.”
