Baird Reiterates Outperform Rating on Shopify (SHOP)

Baird analyst Colin Sebastian reiterated an Outperform rating and $77.00 price target on Shopify (NYSE: SHOP).

The analyst commented: "Baird's Q2 Shopify Merchant tracker indicates strong growth in non-U.S. sites. Based on our updated e-commerce platform survey, we see modest sequential (Q/Q) growth in the
total number of net active Shopify stores in Q2, with notable strength in non-U.S. sites, one of the company's areas of strategic focus. As such, along with ongoing healthy e-commerce trends, we are slightly increasing top-line (revenue and GMV) estimates, but remain slightly below consensus for adjusted operating income. Longer term, we continue to expect attach rate expansion with meaningful operating leverage potential."

For an analyst ratings summary and ratings history on Shopify click here. For more ratings news on Shopify click here.

Shares of Shopify closed at $67.34 yesterday.

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