From Nasdaq: 2024-09-17 12:22:23

Shopify (NYSE: SHOP) has seen impressive growth but remains volatile due to its high valuation. However, recent earnings have impressed investors, leading to an upgrade from Redburn Atlantic with a price target of $99, suggesting 33% upside potential.

While Shopify faces competition, it remains a leader in e-commerce software with strong financials. Despite a P/E ratio of 76, Shopify’s competitive advantage offers long-term upside. Analysts advise caution at the current valuation but see potential for growth in the future.

Investors should consider potential returns from other stocks as Shopify was not among the 10 best picks by The Motley Fool Stock Advisor. The service has a track record of outperforming the S&P 500 and offers insights into building a successful portfolio.

Disclosure: The author, Jeremy Bowman, has positions in Amazon, Block, and Shopify. The Motley Fool has positions in and recommends these companies. John Mackey, former CEO of Whole Foods Market, is a member of The Motley Fool’s board of directors.



Read more at Nasdaq: 1 Wall Street Analyst Thinks Shopify Is Going to $99. Is It a Buy?