Shopify shares on cloud nine after Baird raises price target
Shopify Inc. (NYSE:SHOP) (TSE:SHOP) made gains Friday after Baird upped its price target for the stock by just over 10%, to $208 from $188.
The e-commerce company is still taking significant share despite increased competition, analyst Colin Sebastian wrote in a research note Thursday, noting that the company’s ratio of customer’s gained from other platforms to those lost was roughly 7:1.
Shares rose nearly 1% to C$262.25 in Toronto and and to US$196.02 in New York.
READ: Shopify dives after short-seller Andrew Left of Citron Research shorts the e-commerce stock
Regarding the Ottawa, Ontario company’s competitors, including salesforce.com, Inc. (NYSE:CRM), Adobe Inc. (NASDAQ:ADBE) and Microsoft Corporation (NASDAQ: MSFT) among others, Sebastian was unfazed.
“While we would not dismiss the risks [or] opportunities for any of these companies,” Sebastian wrote. “Shopify‘s platform required [more than] $1 billion in R&D and marketing investment just over the past four years and remains differentiated from current alternatives.
As a result, Baird revised its revenue estimates for 2019 upward to $1.49 billion from $1.48 billion and for 2020 to $1.91 billion from $1.89 billion.
The consensus estimates are $1.49 billion and $1.96 billion, respectively. In February, Shopify projected 2019 revenue between $1.46 billion and $1.48 billion.
According to a survey of 183 e-commerce executives from Internet Retailer, Shopify was the leading choice for new e-commerce platform, followed by Salesforce and Adobe.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/218080/shopify-shares-on-cloud-nine-after-baird-raises-price-target-218080.html
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