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Investing.com - Citizens JMP has reiterated its Market Outperform rating and $135.00 price target on Shopify (NASDAQ:SHOP), which has seen its stock surge nearly 97% over the past year. According to InvestingPro data, analyst targets currently range from $85 to $145, reflecting the stock’s high volatility (Beta 2.61).
The research firm noted that Shopify benefits from improved discoverability of long-tail products, making it easier for consumers to find niche items.
Citizens JMP acknowledged limitations in extrapolating from its limited usage data, but observed that marketplaces appeared less frequently in search results during its analysis.
The firm believes this trend is positive for brands using Shopify’s platform as they can retain more of the economic value from direct sales rather than marketplace transactions.
Despite this positive outlook, Citizens JMP recognized potential future challenges, noting that AI-powered browsers like Perplexity and similar upcoming tools may eventually impact traffic direction to brands.
In other recent news, Shopify has been the subject of several analyst updates and strategic developments. KeyBanc Capital Markets has increased its price target for Shopify to $145, maintaining an Overweight rating, due to expectations of stronger-than-anticipated quarterly results. This optimism is driven by stable macroeconomic conditions, product innovation, and progress in international markets. Stifel also raised its price target for Shopify to $110, citing momentum in areas such as Enterprise/Plus and international markets, while maintaining a Hold rating. Meanwhile, Cantor Fitzgerald reiterated a Neutral rating with a $91 price target following Shopify’s partnership with Coinbase (NASDAQ:COIN). This partnership has led to the launch of Coinbase Payments, enabling Shopify merchants to accept USDC stablecoin payments globally. The new payment system promises faster settlement times and lower fees, enhancing Shopify’s e-commerce offerings. These developments reflect Shopify’s ongoing efforts to expand its ecosystem and capture growing demand from businesses moving online.
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