Shopify (SHOP) PT Raised to $2,000 at Rosenblatt on Underappreciated Revenue Opportunities
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Rosenblatt analyst Mark Zgutowicz raised the price target on Shopify (NYSE: SHOP) to $2,000.00 (from $1,900.00) on the belief that installments and the extension of Shop Pay to non-Shopify merchant sites and platforms as underappreciated revenue opportunities.
The analyst reiterated a Buy rating, stating "While best economics remain within SHOP's merchant ecosystem, non-Shop merchants using Shop Pay checkout still delivers attractive gross profit volume/dollars. And along with Shop Pay installments, another underappreciated greenfield, and emerging engagement on the Shop app (23M MAUs), gross profit dollars will continue to stealthily expand (visual below). Our '21E/'22E GMV increases +6%/+7%, gross profit +7%/+11%, and non-GAAP op. income +97%/+88%, respectively (more segment/metric detail below)."
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