- Needham initiates coverage of Shopify with a Buy rating due to international and B2B growth strategies.
- Shopify's average one-year price target implies a potential upside of 18.59%.
- Consensus indicates an "Outperform" rating, reflecting confidence in Shopify's future performance.
Needham has initiated coverage of Shopify Inc. (NYSE: SHOP) with an enthusiastic Buy rating, spotlighting the company's promising trajectory through its international expansion and B2B strategies. Despite trading at a robust 26 times its near-term gross profit, analyst Scott Berg anticipates a robust revenue growth exceeding 20%, fueled by these strategic initiatives. Berg has set a bullish price target of $135, reflecting confidence in the company's potential.
Wall Street Analysts Forecast
Shopify's prospects are also echoed by Wall Street analysts, who project a one-year average price target of $132.95. This assessment comes from 43 analysts, with some setting highs of $175.00 and others suggesting lows of $87.64. This average price target implies a possible 18.59% upside from Shopify's current price of $112.11. For a more detailed breakdown of these projections, visit the Shopify Inc (SHOP, Financial) Forecast page.
In terms of brokerage recommendations, Shopify Inc. currently enjoys a consensus rating of 2.2 from 48 firms, placing it in the "Outperform" category. This rating utilizes a scale from 1 to 5, where 1 represents a Strong Buy recommendation, and 5 suggests a Sell.
In addition, GuruFocus estimates that the GF Value for Shopify Inc. over the next year is approximately $117.23. This indicates a potential upside of 4.57% from the present price. The GF Value is calculated using historical trading multiples, past business growth, and future business performance projections. For more comprehensive data, refer to the Shopify Inc (SHOP, Financial) Summary page.
