Shares of Shopify (NYSE: SHOP) have jumped to all-time highs today, up by 5% as of 12:50 p.m. EDT, after getting a bullish initiation from Wall Street. Argus kicked off coverage of the e-commerce company with a buy rating alongside a $1,050 price target.
Analyst Jim Kelleher notes that physical retailers have been struggling for years, and the COVID-19 pandemic has underscored the need for small and medium-sized businesses to expand their online presences and sales channels.
"COVID-19 has also placed limits on brick-and-mortar commerce and heightened the need for a multichannel go-to-market model," Kelleher wrote in a research note to investors. "Even as the pandemic recedes, we expect the many merchants who have converted to fully digital e-commerce to maintain a strong online retail presence."
Source Fool.com