Jefferies analyst Samad Samana notes that Shopify’s Q4 gross merchandise volume, or GMV, of $75.1B and total revenue beat consensus and the revenue growth outlook for Q1 came in “much better than we expected,” suggesting Shopify continues to gain market share despite slowing consumer spending. However, the firm believes the implied operating expense view was “much higher than investors anticipated” and contends that the valuation and lack of margin upside “may keep it from pushing higher today.” The firm has a Hold rating and $80 price target on Shopify shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SHOP:
- Options Volatility and Implied Earnings Moves Today, February 13, 2024
- Shopify (NYSE:SHOP) Q4 Earnings: Here’s What to Expect
- Is SHOP a Buy, Before Earnings?
- Shopify investors already baked in increased pricing, says Oppenheimer
- Shopify boosting prices for Plus subscription plan, Insider reports
Questions or Comments about the article? Write to editor@tipranks.com