Shopify Stock: Headed to $80?
Despite Shopify (NYSE: SHOP) posting better-than-expected second-quarter revenue and adjusted earnings per share this week, shares of the e-commerce software-as-a-service platform took a hit following the quarterly update. In total, the stock fell more than 5% on Thursday.
What's even more surprising is that the stock's decline comes as a handful of analysts upgraded their 12-month price targets for the stock after digesting the solid second-quarter results. Indeed, one of the most bullish analysts upgraded his 12-month price target for the stock to $80. Hitting this target within 12 months would be quite an achievement, considering that the stock is already up 70% year to date.
Why is this analyst so bullish? Let's look at the stock's valuation to see if he could be onto something.
Source Fool.com
Shopify Inc Stock
We see a rather positive sentiment for Shopify Inc with 6 Buy predictions and 1 Sell predictions.
With a target price of 80 € there is a positive potential of 26.2% for Shopify Inc compared to the current price of 63.39 €.
