1 Growth Stock Near Its 52-Week Low That Could Double, According to Wall Street
It's been a painful year for Shopify (NYSE: SHOP) and its shareholders. The company's coronavirus tailwind came to a screeching halt, leading to financial results that haven't been up to par. The e-commerce specialist's 10-for-1 stock split did little to improve its stock market performance; as things stand, Shopify is currently hovering near its 52-week low.
However, Wall Street has faith in the tech giant, and analysts' average price target of $79.45 is close to triple its $27.85 share price as of this writing. Is the Street right about Shopify?
Shopify has been the victim of various market-wide headwinds. Among these are interest rate increases that can impact the value of corporations. In an environment with higher interest rates, borrowing -- one of the main ways companies raise money -- becomes more expensive, and businesses tend to do less of it, leading to reduced investments and lower future earnings.
Source Fool.com
