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Investing.com - KeyBanc Capital Markets has raised its price target on Shopify (NASDAQ:SHOP) to $145.00 from $115.00 while maintaining an Overweight rating on the e-commerce platform provider. The stock, currently trading at $124, has shown remarkable momentum with a 105% return over the past year, according to InvestingPro data.
The research firm expects Shopify to report stronger-than-anticipated quarterly results, citing relatively stable macroeconomic conditions, product innovation, and progress in international markets. With the next earnings report due on August 6 and revenue growth of 26.5% in the last twelve months, anticipation is building for this $162.8B market cap company.
KeyBanc noted that given the momentum in Gross Merchandise Volume (GMV), Shopify might choose to reinvest more in marketing, which could limit near-term margin progression but would signal attractive investment opportunities.
The new price target reflects KeyBanc’s increased confidence in Shopify’s ability to maintain revenue growth exceeding 20% and represents a 13.6x enterprise value to sales multiple based on fiscal year 2026 estimates.
The higher valuation multiple acknowledges Shopify’s continued growth trajectory and expected margin expansion profile, according to the research firm’s analysis.
In other recent news, Shopify has been making notable strides in its business operations and partnerships. The company recently announced a collaboration with Coinbase (NASDAQ:COIN), introducing a new stablecoin payment system that allows merchants to accept USDC stablecoin payments globally. This development promises faster settlement times and lower fees, enhancing Shopify’s e-commerce capabilities. Additionally, Benchmark has reiterated its Buy rating for Shopify, setting a price target of $125, citing the potential benefits from Shopify’s transition in payment processing.
Meanwhile, Stifel has raised its price target on Shopify to $110 from $100, maintaining a Hold rating, due to the company’s continued momentum in Enterprise/Plus, Offline, B2B, and International markets. Despite these positive developments, Cantor Fitzgerald has maintained a Neutral rating with a $91 price target, following the partnership announcement with Coinbase. These recent developments highlight Shopify’s ongoing efforts to expand its e-commerce ecosystem and capture demand from businesses moving online.
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