AIG earnings beat by $0.50, revenue topped estimates
Investing.com - Oppenheimer raised its price target on Shopify (NASDAQ:SHOP) to $200 from $180 on Tuesday, while maintaining an Outperform rating on the e-commerce platform provider. The stock, currently trading at $175.06, has delivered an impressive 98% return over the past year and is trading near its 52-week high of $169.69.
The price target increase comes amid extremely positive sentiment driven by Shopify’s ChatGPT checkout partnership and perception that agentic commerce favors Shopify relative to SEO-dependent platforms.
Oppenheimer noted that alternative data points to gross merchandise volume (GMV) growth above Street expectations at approximately 27%, though it cautioned that inputs remain mixed and noisy.
The firm observed a quarter-over-quarter uptick in paid marketing channel traffic, consistent with recent management commentary, while web traffic declined 29%, representing a 3-point deceleration from the previous quarter.
Oppenheimer projects a $21 million foreign exchange tailwind for Shopify and noted that investors generally have an upward bias to fourth-quarter revenue growth expectations in the low to mid-20% range.
In other recent news, Shopify’s earnings and revenue growth have been a focal point for analysts. Bobby Morris, the company’s Chief Revenue Officer, announced his departure after successfully driving significant growth, including nine consecutive quarters of 25%+ revenue growth. Analysts have responded positively to Shopify’s performance and strategic moves. RBC Capital raised its price target for Shopify to $200, citing strong growth momentum and market share gains. Similarly, Rothschild Redburn increased its price target to $200, highlighting the new partnership with OpenAI’s ChatGPT as a significant factor. Benchmark also raised its target to $195, emphasizing the advantages of Shopify’s integration with ChatGPT. Citizens reiterated its Market Outperform rating, maintaining confidence in Shopify’s strategic positioning. These recent developments underscore the company’s ongoing success and strategic initiatives in the e-commerce space.
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