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Investing.com - RBC Capital raised its price target on Shopify (NASDAQ:SHOP) to $170.00 from $145.00 on Thursday, while maintaining an Outperform rating on the e-commerce platform provider. According to InvestingPro data, the stock has delivered an impressive 142.45% return over the past year, though current technical indicators suggest the stock is in overbought territory.
The price target increase follows Shopify’s quarterly results, which RBC described as the company’s "largest beat in 2+ years," with third-quarter revenue guidance coming in above consensus expectations.
RBC noted that Shopify experienced "broad-based momentum" in its business, continuing to gain market share while showing no impact from tariffs.
The firm highlighted Shopify’s increasing scale and rapid pace of innovation as factors that improve investor visibility into the company’s long-term growth potential.
RBC suggested these strengths could lead to "continued upside surprises" and help Shopify sustain its premium valuation in the market.
In other recent news, Shopify reported impressive second-quarter results, with significant growth in gross merchandise volume (GMV) and revenue, both increasing by 31% year-over-year. Analysts have responded positively to these results, with several firms raising their price targets for the e-commerce platform provider. Cantor Fitzgerald increased its price target to $156, citing "monster" results that surpassed expectations for GMV and gross profit. Similarly, Stifel and Truist Securities both adjusted their price targets to $150, highlighting Shopify’s robust growth outlook and strong Q2 performance. JPMorgan raised its target to $179, maintaining an Overweight rating, while DA Davidson set a new target of $185, praising Shopify’s execution of its long-term growth strategy. These developments indicate strong confidence in Shopify’s continued expansion and execution, as reflected in the revised price targets from various financial firms.
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