Shopify (SHOP) PT Lowered to $55 at Truist Securities
Truist Securities analyst Terry Tillman lowered the price target on Shopify (NYSE: SHOP) to $55.00 (from $65.00) while maintaining a Hold rating.
The analyst commented: "Based on Truist Card Data, we see the potential for more subdued GMV in 2Q24 vs. solid upside flowing through to broad financial upside the past couple of qtrs. The analysis implies est. $65.7 bil. in 2Q24 GMV, reflecting 1% beat to our est. of $64.9 bil. & in line/slight miss to $65.8 billion consensus. Merchant solutions rev, non-GAAP op. profit & CF upside could be much more modest than prior qtrs. While risk/reward more interesting at 6x ‘25E sales/41x ‘25E FCF, maintain Hold rating on valuation and macro/consumer spending concerns. No change to ests. but PT lower to $55 from $65 post tech volatility/lower sector valuations."