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Shopify Soars After Bullish Analyst Notes

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Shares of Shopify Inc (NYSE: SHOP) rose 6 percent after Monness Crespi Hardt initiated coverage with a Buy rating and a $35 price target. Analyst James Cakmak sees "further widening of the competitive moat, if not a takeout" in Shopify down the line.

Salesforce.com, inc. (NYSE: CRM)'s recent acquisition of Demandware for approximately $2.8 Billion, a 56 percent premium, is seen as a positive sign for Shopify which could be a potential takeover target in the future.

"Just as Demandware was arguably the best-in-class for the largest enterprise cohort of merchants, we deem Shopify the equivalent counterpart on the SMB front, with the resources in place to seamlessly scale along with merchants," said Monness Crespi Hardt.

Shopify has also been identified as a strategic partner with Apple Pay by providing the ability of over 275,000 small business merchants to offer Apple Pay on its platform.

KeyBanc also reiterated a Buy rating for Shopify with a $37 price target.

Latest Ratings for SHOP

DateFirmActionFromTo
Oct 2019MaintainsOutperform
Oct 2019AssumesOutperform
Oct 2019Initiates Coverage OnBuy

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Posted-In: James Cakmak Monness Crespi HardtAnalyst Color Initiation Reiteration Analyst Ratings Tech

 

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