Credit Suisse Resumes Shopify (SHOP) at Outperform
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Credit Suisse resumed coverage on Shopify (NYSE: SHOP) with an Outperform rating and a price target of $46.
Analyst Michael Nemeroff said, "We continue to recommend investors buy SHOP shares due to: (1) the company's leading integrated cloud-based commerce platform for SMBs; (2) the secular growth in eCommerce and convergence of multiple retail sales channels (digital and brick-and-mortar); (3) its highly extensible platform with a large third-party ecosystem; (4) significant competitive advantages versus peers; (5) a unique share-based pricing model that scales with its customers' success; (6) international growth opportunity; and (7) recent initiatives (social channels, Shipping, Kit CRM, Shopify Capital), which we believe remain in the very early innings of monetization.."
Shares of Shopify closed at $38.74 yesterday.
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