The remarkable rally in shares of e-commerce software provider Shopify continued Thursday, lifted by upbeat Wall Street activity.
Baird analyst Colin Sebastian repeated his Outperform rating on Shopify stock (tcker: SHOP), and lifted his target price to $1,100 from $820. That makes him one of the few analysts on the Street with a price target actually above the current $1,047 stock price—the average target is $782.
In case you are keeping track:
Nvidia Stock, Twilio, Shopify Seen Leveraging AI To Score Even Bigger Gains – This Is How |
After hitting a bottom of 6,631.42 in the March coronavirus stock market crash , the Nasdaq composite has rallied to record one of its strongest quarterly performances in history. The index was up over 30% in Q2 as leading growth stocks helped propel a market recovery.
The Nasdaq surged over 5% for the week as it continues to trade in record territory. The S&P 500 and Dow Jones Industrial Average are also up strongly for the week, notching gains of 4% or more during the shortened holiday trading period.
10 Unusual High-Profile Analyst Upgrades as Stocks Surge Into July: Akamai, Amazon,eBay, Shopify,
With stocks surging at the start of July and with COVID-19 cases rising rapidly in America, the economy finds itself in a bit of a jam. It seems impossible to rationalize that the largest technology stocks in America are all challenging all-time highs in the midst of an atrocious recession. And that is exactly where we are at this time.
24/7 Wall St. reviews dozens of analyst research reports each day of the week and it turns out to be hundreds of analyst calls each week. Our goal is to find some of those new ideas that investors can consider for their own portfolios. And out of the calla from the week of July 2 there were several unusual analyst upgrades and price target hikes that stood out above and beyond the rest of the analyst calls.
Shopify Rallies as Analyst Issues 4-Figure Price Target
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These sentiments mirror those of other, albeit less bullish, analysts. Earlier this week, Piper Sandler's Brent Bracelin upgraded Shopify stock to Overweight with an $843 price target, calling Shopify one of the best positioned digital commercial beneficiaries of the next decade. He believes that revenue is poised to quadruple to $12 billion by 2025.
The author holds no position in the stock(s) mentioned except through passively managed index funds.
Quite a lot has been going on:
Here Are the Best 10 Tech Stocks of 2020, So Far - Barron's
Remember Marc Andreessen's line about software eating the world? The legendary venture investor wrote those words in a Wall Street Journal column in August 2011 . Andreessen argued that many new internet companies—he referred to Facebook and Twitter specifically—were building "real, high-growth, high-margin, highly defensible businesses.
Prescient advice. The tech-rich Nasdaq 100 has since quintupled, and many new software companies have gone public, richly rewarding investors.
Happening on Twitter
TSX tries for a 4th-straight winning day, Shopify stock up 14%, and other business news with @kris680news https://t.co/HPp9xt6Kib CityNews (from Toronto, Ontario) Fri Jul 03 12:09:43 +0000 2020
Stock returns this year: Zoom: +281% Teladoc: +141% Tesla: +136% Shopify: +130% Etsy: +129% Docusign: +127% Wix: +… https://t.co/Dm15El2mCI JonErlichman (from IG: @jonerlichman) Thu Jun 25 20:29:58 +0000 2020
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