New Street ‘generally in line with consensus,’ starts Shopify at Neutral

As previously reported, New Street analyst Dan Salmon initiated coverage of Shopify (SHOP) with a Neutral rating and $115 price target The firm’s Gross Merchandise Value, revenue and EBIT estimates are “generally in line with consensus,” but its view is slightly below consensus on free cash flow based on guidance for stable annual margins, the analyst tells investors. The firm says whether the stock performs better or worse than it anticipates hinges on emerging products growth and penetration, payments penetration expansion and large merchant attach rates.