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On Wednesday, Truist Securities maintained their Hold rating on Shopify shares (NYSE:SHOP), with a steady price target of $120.00, close to the current trading price of $119.43. Following the release of the company’s fourth-quarter results for 2024, Truist Securities highlighted Shopify’s strong performance amid challenging economic conditions. The firm noted Shopify’s significant growth and cash flow (CF) upside as key factors in the robust quarterly outcome. According to InvestingPro data, Shopify has maintained impressive revenue growth of 23.47% over the last twelve months.
Shopify’s financial results demonstrated considerable growth at scale, which Truist Securities identified as a positive indicator for the company’s trajectory into 2025. The firm acknowledged a range of growth and upside drivers that could influence Shopify’s future performance. Despite these strong results and potential for further growth, Truist Securities has opted to maintain their Hold rating, attributing this decision to Shopify’s premium valuation. InvestingPro analysis shows the stock is currently trading at a P/E ratio of 75.69, confirming the premium valuation. InvestingPro’s Fair Value model suggests the stock is currently overvalued, though subscribers can access 18 additional ProTips and detailed valuation metrics through the platform’s comprehensive research reports.
In their analysis, Truist Securities provided additional insights following a management callback that took place after Shopify’s earnings call for the fourth quarter of 2024. The discussion with management offered Truist Securities further context on the company’s latest financial results and business outlook.
Shopify’s fourth-quarter performance has been a focal point for investors, as the company continues to navigate the broader macroeconomic environment. Truist Securities’ reiterated Hold rating and price target reflect a cautious but acknowledging stance on Shopify’s current market position and valuation.
The company’s shares continue to be traded on the New York Stock Exchange under the ticker symbol (NYSE:SHOP). Interested parties can refer to the latest financial statements and earnings calls for more detailed information on Shopify’s performance and future expectations.
In other recent news, Shopify has been the focus of several analyst adjustments following its robust fourth-quarter performance. Scotiabank (TSX:BNS) analyst Kevin Krishnaratne raised the price target for Shopify shares to $120 from $115, maintaining a Sector Perform rating. He highlighted the company’s stronger than expected Gross Merchandise Volume (GMV) and subscription revenue, attributing this to the maturity of Shopify’s products in North America.
Cantor Fitzgerald maintained its Neutral rating on Shopify with a price target of $120. The firm noted Shopify’s strong product roadmap in key areas such as Enterprise solutions, Plus, advertising, and payments. Mizuho (NYSE:MFG) Securities also adjusted its price target on Shopify shares, raising it from $105.00 to $110.00, maintaining a Neutral rating.
JMP Securities updated its outlook on Shopify shares, raising the price target to $135 from $120, while sustaining a Market Outperform rating. The firm noted Shopify’s impressive GMV and revenue growth. Lastly, TD Securities increased its price target on Shopify shares from $100 to $130 while maintaining a Hold rating on the stock, citing strong performance and potential for sustained momentum. These are among the recent developments for Shopify.
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