Shopify (NYSE: SHOP) saw a significant 7.7% surge in its stock price following a bullish research report from Wells Fargo analysts.
Wells Fargo’s Positive Analysis of Shopify
Wells Fargo analyst Andrew Bauch reiterated his overweight rating on the e-commerce services stock and raised the price target to $90 per share from $80. Bauch believes that Shopify’s stock price already reflects a strong holiday shopping season and is now looking for product updates and long-term profit margin improvements to drive further growth.
Investors responded favorably to this optimistic analysis, propelling Shopify’s stock to levels not seen since the beginning of 2022, amidst the early stages of the inflation crisis.
Anticipated Highlights in Shopify’s Upcoming Earnings Report
Bauch’s recommendation stands out as one of the most optimistic views on Shopify. Analysts’ target prices for the stock range from $30 to $100 per share, with a generally positive outlook but more downgrades than upgrades in…
2024-02-02 13:35:13
Link from finance.yahoo.com