Shopify Q1 ‘fell short of elevated investor expectations,’ says Oppenheimer

Oppenheimer notes that Shopify’s revenue and GMV growth of 23% each topped consensus forecasts in Q1, but fell short of elevated investor expectations tracking closer to about 25% with “light” GMV growth pointed to as the source of the shortfall. While Q1 results fell short of high buyside expectations, “overall fundamentals appear intact,” says the analyst, who maintains an Outperform rating and $90 price target on Shopify shares.