Shopify wins price target raise at RBC Capital

Ahead of the company’s third quarter results, RBC has raised its price target on Shopify (Shopify Stock Quote, Chart, News, Analysts, Financials NYSE:SHOP).

As reported by TipRanks, RBC Capital analyst Paul Treiber has maintained his “Outpeform” rating on the stock while raising his price target from $85.00 to $100.00.

“The firm notes that third-party data shows solid Shopify merchant growth Q3, which suggests likely sustained healthy Monthly recurring revenue growth that is potentially above consensus, the analyst tells investors in a research note. Shopify’s sequential drop in job postings also implies continued cost discipline and potential margin upside, TipRanks reported.

On August 7, SHOP reported its Q2, 2024 results. The company posted revenue that was up 21% to $2.0-billion.

“We are proud to report another quarter of robust financial performance. We drove strong growth in GMV, revenue, and gross profit, all amidst a mixed consumer spend environment, continued to take share and concurrently expanded our free cash flow margin. We delivered across every metric,” said CFO Jeff Hoffmeister. “Our results underscore our commitment to providing exceptional value to our merchants through focused operating execution and efficiency. As a high-growth global technology leader in commerce, we remain committed to leveraging our core strengths and investing in opportunities to achieve sustainable growth and long-term profitability.”