Shopify Inc. (SHOP) is gearing up to report its third-quarter earnings before the market opens on Tuesday, November 12th. Analysts are expecting the Ottawa, Canada-based e-commerce giant to deliver solid results, with estimates pointing to earnings of 37 cents per share, a significant increase from the 32 cents per share reported in the same period last year.
According to data from Benzinga Pro, Shopify is projected to report revenue of $2.94 billion for the quarter. The company has consistently exceeded revenue expectations for the past seven quarters, a testament to its continued dominance in the e-commerce space. Shopify’s stock closed at $89.99 on Monday, up 3.3%, reflecting investor optimism.
While the overall outlook for Shopify remains positive, investors are eager to see if the company can sustain its growth trajectory in a rapidly evolving e-commerce landscape. To get a better sense of market sentiment, we’ve taken a look at recent analyst ratings:
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Scotiabank analyst Kevin Krishnaratne
maintained a Sector Perform rating while raising the price target from $75 to $80 on October 24th. This analyst has a 71% accuracy rate.*
RBC Capital analyst Paul Treiber
maintained an Outperform rating and boosted the price target from $85 to $100 on October 18th. This analyst has a 68% accuracy rate.*
Baird analyst Colin Sebastian
maintained an Outperform rating and increased the price target from $79 to $90 on October 9th. This analyst boasts an 80% accuracy rate.*
Citigroup analyst Tyler Radke
maintained a Buy rating and raised the price target from $90 to $103 on September 30th. This analyst has a 70% accuracy rate.*
Cantor Fitzgerald analyst Deepak Mathivanan
reiterated a Neutral rating with a price target of $70 on September 30th. This analyst holds a 79% accuracy rate.The mixed analyst sentiment highlights the ongoing debate surrounding Shopify’s future growth prospects. While some analysts remain bullish, others are cautious, suggesting that investors should tread carefully. The upcoming earnings report will provide valuable insights into the company’s performance and its ability to navigate the challenges and opportunities in the e-commerce sector.
Stay tuned to Benzinga for in-depth coverage of Shopify’s earnings report and analysis of the company’s future direction.
