Shopify Stock: Headed to $80?
Despite Shopify (NYSE: SHOP) posting better-than-expected second-quarter revenue and adjusted earnings per share this week, shares of the e-commerce software-as-a-service platform took a hit following the quarterly update. In total, the stock fell more than 5% on Thursday.
What's even more surprising is that the stock's decline comes as a handful of analysts upgraded their 12-month price targets for the stock after digesting the solid second-quarter results. Indeed, one of the most bullish analysts upgraded his 12-month price target for the stock to $80. Hitting this target within 12 months would be quite an achievement, considering that the stock is already up 70% year to date.
Why is this analyst so bullish? Let's look at the stock's valuation to see if he could be onto something.
Source Fool.com
Shopify Inc Stock
The community is currently still undecided about Shopify Inc with 2 Buy predictions and 0 Sell predictions.
With a target price of 119 € there is a slightly positive potential of 17.2% for Shopify Inc compared to the current price of 101.54 €.
