Shopify (SHOP) PT Lowered to $80 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan lowered the price target on Shopify (NASDAQ: SHOP) to $80.00 (from $120.00) while maintaining a Neutral rating.

The analyst commented, “In terms of KPIs, we expect 1Q25E GMV growth to be near mid-20s y/y and revenues to come at the high-end of prior guidance. For 2Q25E, the pull-in effect likely contributed to outsized strength in April, but we still expect GMV to decelerate by ~5pts to 19% y/y for the quarter – which could be higher in 2H25E as sellers pass through higher costs from tariffs further as inventory cycles through. We are modeling 2Q25E revenues and EBIT of $2.5B and $292m, respectively, with revenue decelerating to mid-teens growth y/y in 2H25E. For 2H25E, we are also forecasting slower net subscriber additions for both SMB and Plus over the next few quarters. Despite underperformance in the last 30 days, SHOP shares still trade a premium valuation of 17x FY26E GP. We think downward revisions to estimates could pressure multiples further. We reiterate our Neutral rating and our revised PT is $80 (vs. $120 previously).”

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