Shopify (SHOP) PT Raised to $180 at Piper Sandler
Piper Sandler analyst James Callahan raised the price target on Shopify (NASDAQ: SHOP) to $180.00 (from $172.00) while maintaining an Overweight rating.
The analyst commented: "The Path to Over ~30% Growth in 2027E; After laying out our cohort work in March, we've updated our framework to look at SHOP net new rev $'s for year-1 merchants (aka net-new) vs existing cohorts. Our work points to +32% y/y rev growth in 2027E vs Street's +26% y/y, driven by mostly by continued monetization of the existing base (and less so from net-new). We've also broken out PSC upside views across GM + EBIT and the bridge to FCF. We see potential for FCF margins to expand by ~170bps annually '26E-'29E vs Street at ~98bps avg. We raise 2027E revs to $19.5BN from $19.2BN and FCF to $4.2BN from $3.9BN. PT to $180 from $172, reit OW."