Shares of Shopify Inc (NYSE:SHOP) tanked in early trading on Thursday, after the company reported its first-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- JMP Securities analyst Andrew Boone upgraded the rating from Market Perform to Market Outperform, while establishing a price target of $80.
- Piper Sandler analyst Clarke Jeffries upgraded the rating from Underweight to Neutral rating, while keeping the price target at $63.
- Goldman Sachs analyst Gabriela Borges maintained a Neutral rating, while cutting the price target from $75 to $67.
- Mizuho Securities analyst Siti Panigrahi reiterated a Neutral rating, while reducing the price target from $75 to $65.
- Needham analyst Anna Andreeva reiterated a Hold rating on the stock.
Check out other analyst stock ratings.
JMP Securities: Shopify reported strong first-quarter results. Revenue and operating income beat the consensus by 1% and 7%, respectively. However, the company’s gross profit margins are expected to contract in the second quarter, Boone said in the upgrade note. Expect increased investments in marketing, “despite our GMV estimates remaining approximately unchanged.”
“Our upgrade is driven by the potential for new merchant cohorts to contribute in 2025 and beyond, Plus subscription price increases coming on in 2H24, and our belief that …
Full story available on Benzinga.com
