We recently published 10 Stocks Delivering Massive Returns. Shopify Inc. was one of the best performers on Tuesday.
Shopify extended its winning streak to a third consecutive day on Tuesday, jumping 7.47 percent to close at $127.24 apiece as investors digested a mix of rating and price target upgrades from investment firms ahead of the e-commerce operator’s earnings release.
In its market report, ATB Cormark Capital raised its rating for Shopify Inc. to “outperform” from “sector perform” previously, while maintaining a $250 price target, saying that the latter is in an attractive territory and is well positioned to be a capital light beneficiary from the booming AI.
Meanwhile, another investment firm, BMO, reiterated its “outperform” rating for the stock, albeit slashing its price target to $150 from $190 previously.
The rating upgrade was based on expectations that the company would post a solid earnings performance in the last quarter of the year, driven by sustained market share gains against US holiday e-commerce sales that modestly exceeded expectations.
Shopify Inc. is scheduled to release its financial and operating highlights on Wednesday, February 11.
Lastly, Shopify Inc. was issued a “buy” recommendation from equity research firm MoffettNathanson, an upgrade from “neutral” previously. It also received a higher price target of CA$203.57 versus CA$171.94 earlier.
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This article is originally published at Insider Monkey.
