UPDATE: SMBC Nikko Securities Starts Shopify (SHOP) at Outperform
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SMBC Nikko Securities analyst Andrew Bauch initiates coverage on Shopify (NYSE: SHOP) with a Outperform rating and a price target of $1,200.00.
The analyst comments "
At the risk of sounding hyperbolic, we view SHOP as the most likely name in our coverage to break the trillion-dollar market cap threshold in the long-term. While not traditionally perceived as a FinTech name, payments and financial services are critical elements to SHOP’s long-term growth story. In addition, its best-in-class software innovation continues to be the primary differentiator, and the reason that SHOP is one of the best positioned companies in the S&P to capitalize on key secular trends including (1) the rise of eCommerce and omnichannel retail (2) the convergence of software and payments, (3) the rise of commerce platforms & connected ecosystems and (4) embedded finance. While investors continue to grapple with premium valuations amid rising inflation concerns and a potential rising rate environment, we’d be buyers opportunistically given the magnitude of long-term upside, justifying our Outperform rating."
Shares of Shopify closed at $892.39 yesterday.
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