RudyAsh
18 Dec 23
JMP Securities has downgraded Shopify (NYSE:SHOP) to market perform from market outperform citing its belief that its 2024 adjusted operating income will come in below consensus. The consensus is $1.03 per share, and the firm does not have a price target. JMP believes that 2024 adj. operating income...
JMP Securities has downgraded Shopify (NYSE:SHOP) to market perform from market outperform citing its belief that its 2024 adjusted operating income will come in below consensus. The consensus is $1.03 per share, and the firm does not have a price target. JMP believes that 2024 adj. operating income will come in 7% below consensus. Analyst Andrew Boone wrote that Shopify has tremendous momentum, gaining share with enterprise and offline merchants, while its dominant position with new merchants continues. However, with GMV growth now more weighted toward enterprise, gross profit margins face new headwinds given lower payment take rates and non-payment Merchant Solution attach rates. He added that payment gross profit margins may be ~20 points lower for Plus merchants versus Basic merchants. Given Shopify's current valuation, the company needs "perfect execution from here."
More about Shopify Inc
Key financial metrics for Shopify Inc. include a market capitalization of $98.66 billion, a revenue of $6.65 billion, and a price per share of $71.91. The stock performance shows a decrease of 0.9% and an increase of 5.2% over the past period, with a relative strength index (RSI) of 4.858 and a Bollinger Bands indicator of 0.255. The market sentiment for Shopify Inc. appears to be mixed, with potential support and resistance levels to consider in the near future.
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