Stocks to Pick Up in Early August: Shopify
A cloud-based, multi-channel e-commerce platform designed for selling production of small and medium-sized businesses. It also helps merchants and their potential customers in finding each other in physical retail locations and social media storefronts. Shopify stocks were granted with a series of upgrades in July. For example, MoffettNathanson rewarded the company to Outperform rating position from Market Perform, with a price target of $76.00.
Company’s stock prices gained by 2.8% to $67.45 during the next trading week after the upgrade decision. It was reportedly based on "early signs of an enterprise inflection, including growing traction from system integrators, higher web traffic for Shopify Plus, as well as new executive hires", which may help Shopify in sales.
The market caps for Shopify nearly doubled after last Christmas, yet it is still 38.2% compared to post-pandemic rally highs of November 2021. Shopify is estimated to deliver Q2 2023 EPS at $0.07 and $1.63 billion for revenues, compared to $0.01 of EPS on $1.5 billion delivered during the first three month of 2023. So, any higher values may give a golden opportunity to buy, as much space would be still available upside as a mid-term potential.
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