As previously reported, Benchmark analyst Mark Zgutowicz upgraded Shopify (SHOP) to Buy from Hold with a $150 price target The firm expects “comfortable upside” to reported and guided gross merchandise value tomorrow morning, but with more enterprise and Plus-driven upside to monthly recurring revenue and GMV than witnessed historically, the analyst tells investors in a preview. The firm attributes a “meaningful part” of this acceleration to upgrade momentum to Shopify Audiences, which it notes is only available to Plus merchants using Shopify Payments and only in the U.S. and Canada at present. The firm expects further optimization of Shopify Audiences and Campaigns penetration across more merchants and geographies in 2025, the analyst added.
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