Wells Fargo Reiterates Overweight Rating on Shopify (SHOP)

Wells Fargo analyst Jeff Cantwell reiterated an Overweight rating and $75.00 price target on Shopify (NYSE: SHOP).

The analyst comments "Revisiting the Enterprise Oppty - Commentary around SHOP's ability to win up market sounded encouraging (SHOP defines as merchants >$125mm GMV) evidenced by recent wins (Overstock.com, BarkBox, others). That said, patience is likely required before seeing tangible impact in results given sales cycles (~9-12 months) and go-live timelines. Relationships with system integrators continues to deepen, noting that one integrator has more employees trained on SHOP than SHOP's total headcount."

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 $56.97 yesterday.

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