BofA says Shopify ‘turned a corner,’ upgrades to Buy

As previously reported, BofA analyst Brad Sills upgraded Shopify to Buy from Neutral with a price target of $82, up from $78. Following years of declining margin, the firm believes the company has turned a corner on balanced growth and margin under new CFO Jeff Hoffmeister, the analyst tells investors. The firm forecasts “solid” revenue growth and free cash flow conversion, driven by high single-digit baseline e-commerce growth, steady share gains and disciplined spending, the analyst added.