Gains

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<p class="has-drop-cap">Shopify (<a href="https://tokenist.com/investing/how-to-buy-shares-online/" class="deco-link" rel="noopener noreferrer nofollow">NYSE: SHOP</a>) stock experienced a significant boost on Friday, June 14, 2024, following an analyst upgrade and positive<a href="https://tokenist.com/investing/momentum-trading/" rel="noopener noreferrer nofollow" class="deco-link"> market sentiment</a>. The e-commerce platform’s shares closed at $64.69 on Thursday and surged to $67.45 by 12:05 PM EDT on Friday, representing a 4.27% increase. The stock’s 52-week range spans from $27.65 to $105.45, with an average trading volume of 44,910,000 shares.</p>
<h3 id="evercore-isi-upgrades-shop-sets-75-price-target">Evercore ISI Upgrades SHOP, Sets $75 Price Target</h3>
<p>Evercore ISI, a prominent investment research firm, <a href="https://www.investors.com/news/technology/shopify-stock/" target="_blank" aria-label="upgraded Shopify's stock (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">upgraded Shopify’s stock</a> from In-Line to Outperform, setting a new price target of $75. This implies a potential 16% increase from Thursday’s closing price. <br><br>The analyst believes that the recent pullback in Shopify’s stock price provides an attractive entry point for investors, given the company’s strong fundamentals and growth prospects.</p>
<p>The analyst cited several factors contributing to their bullish outlook on Shopify, including the company’s vast total addressable market (TAM), robust competitive position, and the opportunity to expand its presence in the upper market segments. <br><br>Additionally, Shopify’s track record of successful product innovation and the potential for significantly increasing profitability were highlighted as key drivers for the upgrade.</p>
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<h3 id="evercore-isi-s-shopify-upgrade-follows-j-p-morgan">Evercore ISI’s Shopify Upgrade Follows J.P. Morgan</h3>
<p>Shopify’s stock upgrade by Evercore ISI follows a similar move by J.P. Morgan <a href="https://seekingalpha.com/news/4114735-shopify-attracts-a-new-bull-as-jp-morgan-points-to-industry-leading-growth?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank" aria-label="earlier in the week (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">earlier in the week</a>. J.P. Morgan initiated coverage on Shopify with an Overweight rating and a price target of $74.</p>
<p>As of the latest financial data, Shopify’s market capitalization stands at $86.903 billion (intraday), with a beta value of 1.78 over the past five years, indicating higher volatility compared to the overall market. The company’s<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link"> earnings per share (EPS)</a> for the trailing twelve months (TTM) is reported at -$0.16.</p>
<p>Investors are eagerly awaiting Shopify’s next earnings report, which is expected to be released between July 29, 2024, and August 2, 2024.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/shopify-stock-gains-on-analyst-upgrade-and-promising-outlook/">Shopify Stock Gains on Analyst Upgrade and Promising Outlook</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Shopify Stock Gains on Analyst Upgrade and Promising Outlook

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