ATB Cormack Forecasts Strong Price Appreciation for Shopify (TSE:SHOP) Stock

Key Points

• ATB Cormack raised its Shopify price target from C$234 to C$237, retaining a “sector perform” rating; the target implies 11.84% upside from the current price.
• Analyst views vary: ATB Cormack Capital Markets set a C$260 target and “outperform” rating, while TD set a C$175 target and “buy” rating. Overall, Shopify has a “Moderate Buy” consensus and an average target of C$207.75.
• Shopify shares traded at C$211.91 on Wednesday, up C$11.72, with a market capitalization of C$272.65 billion.

Shopify (TSE:SHOP - Get Free Report) had its price objective lifted by ATB Cormack from C$234.00 to C$237.00 in a research report issued on Wednesday, BayStreet reports. The brokerage presently has a "sector perform" rating on the stock. ATB Cormack's price objective suggests a potential upside of 11.84% from the stock's current price.

A number of other equities research analysts have also commented on the company. ATB Cormark Capital Markets increased their price target on Shopify from C$240.00 to C$260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. TD increased their target price on Shopify from C$159.00 to C$175.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Shopify has a consensus rating of "Moderate Buy" and an average price target of C$207.75.

Shopify Stock Performance

TSE SHOP traded up C$11.72 during midday trading on Wednesday, hitting C$211.91. The company had a trading volume of 1,184,692 shares, compared to its average volume of 2,028,790. The firm has a fifty day simple moving average of C$214.32 and a two-hundred day simple moving average of C$180.75. Shopify has a fifty-two week low of C$129.01 and a fifty-two week high of C$255.95. The company has a quick ratio of 5.74, a current ratio of 5.35 and a debt-to-equity ratio of 1.40. The stock has a market cap of C$272.65 billion, a price-to-earnings ratio of 143.18, a P/E/G ratio of 0.87 and a beta of 2.16.

Shopify Company Profile

Shopify provides essential internet infrastructure for commerce. Shopify's all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify-from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.

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