UPDATE: SMBC Nikko Securities Starts Shopify (SHOP) at Outperform

January 26, 2022 4:12 PM EST
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Price: $363.85 -7.02%

Rating Summary:
    24 Buy, 19 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 15 | New: 18
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(Updated - January 26, 2022 4:13 PM EST)

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."

For an analyst ratings summary and ratings history on Shopify click here. For more ratings news on Shopify click here.

Shares of Shopify closed at $892.39 yesterday.

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