Oppenheimer Reiterates Outperform Rating on Shopify (SHOP)

Oppenheimer analyst Ken Wong reiterated an Outperform rating and $180.00 price target on Shopify (NASDAQ: SHOP).

The analyst comments "Recent investor debates center around durability of near-term momentum, investment cadence, and profitability trajectory. We came away more positive that 2Q momentum was not driven by macro, and broad-based strength should potentially extend into 2H. Partner and customer checks have typically validated the durable consumer environment. Prior years' investments in EMEA are starting to bear more fruit with elevated merchant add dynamics in some regions. Management does not expect FCF margins to erode despite investment to capitalize on growth opportunities. Our investor conversations suggest growing comfort with investments to sustain recent growth momentum. The operational void created by COO Nejatian's departure will be filled by downstream executives absorbing a portion of responsibilities in the interim, with a decision on a full-time replacement still being evaluated."

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 $157.12 yesterday.

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