- Evercore ISI upgrades Shopify(NYSE:SHOP)to an Outperform rating after having it lined up at In Line.
- Analyst Mark Mahaney says the stock is dislocated at 20% off their YTD highs and with a forward EV/sales multiple of 24X that is at a pre-pandemic level. Mahaney and team also view SHOP as one of the highest quality assets in their coverage, noting the 2021-2023 Revenue CAGR of 34% is the fastest among all the Mega and Large Cap coverage. Growth opportunities and option value are also called out.
- Shares of SHOP are up 3.08% in premarket action to $1,410.26.
- Evercore ISI assigns a price target of $1,770 to rep 29% upside potential and stands above the average Wall Street PT of $1,698.19.
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