Shopify (SHOP) PT Raised to $1,500 at Mizuho Securities
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Mizuho Securities analyst Siti Panigrahi raised the price target on Shopify (NYSE: SHOP) to $1,500.00 (from $1,300.00) while maintaining a Neutral rating.
The analyst commented, "Shopify posted Q2 results once again nicely ahead of consensus expectations with GMV reaching a record $42.2B (up 40% Y/Y), ahead of consensus of $40.8B (up 36% Y/Y). However, we note that excluding the +3ppt Affirm/Global-E partnership benefit (recognized in 2Q21 Merchant Solutions revenues and in Deferred Revenue (up $68M Q/Q)), the take rate grew only 3bps Q/Q to 1.82% (vs the reported 1.86%). We increase our estimates as the company's post-COVID trajectory appears better than expected, but we maintain that Shopify's current valuation already reflects this trajectory and therefore we maintain our Neutral rating. We raise our price target from $1,300 to $1,500."
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