SHOP - 1 Wall Street Analyst Thinks Shopify Stock Is Going to $85. Is It a Buy at Around $69?
2024-04-20 05:29:00 ET
The rapid growth rates Shopify (NYSE: SHOP) has displayed since 2020 could continue through 2030, at least according to Morgan Stanley analyst Keith Weiss.
Since mid-2020, the leading e-commerce platform has reported annual revenue gains above 20% quarter after quarter. Weiss is confident enough about future growth at a similar pace to upgrade the stock to overweight from hold and raise its price target to $85 per share.
Shopify is responsible for around 11% of total e-commerce in America. That means there's a great deal of room to continue growing. New onramps could allow for continued gains even if overstretched consumers let their AllBirds , a Shopify client, wear down a little further before replacing them.
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1 Wall Street Analyst Thinks Shopify Stock Is Going to $85. Is It a Buy at Around $69?