Shopify is still undervalued, CIBC says

It hasn’t delivered outsized returns the way it used to in some time, but CIBC still thinks it is worth owning Shopify (Shopify Stock Quote, Chart, News, Analysts, Financials NYSE:SHOP).

As reported by TipRanks, CIBC analyst Todd Coupland July 22 reiterated his “Buy” rating and price target of $85.00 on SHOP.

On May 8, SHOP reported its Q1, 2024 results. The company posted Gross Profit of $957-million on Gross Merchandise Volume of $60.9-billion, which was up 23% year-over-year.

“You’re seeing the strongest version of Shopify in our history. Our outstanding Q1 performance is clear proof of our dedication to the new shape of Shopify, our commitment to operating with a consistent team size, and our focus on building for the long-term to deliver both growth and profitability,” CEO Harley Finkelstein said. “We are building a 100-year company, and we will continue to remain fiercely agile, capitalizing on every opportunity that accelerates the success of our merchants, enables us to continue to build world-class products, and enhances operational efficiency for better returns.”

Shopify will report is Q2, 2024 results on August 7, before the market open.