Shopify Stock Hit With Bull Notes

The stock looks ripe for a round of upgrades and/or price-target hikes

Fernanda Horner

Digital Content Manager

Jul 24, 2023 at 11:14 AM

SHOP

The shares of Shopify Inc (NYSE: SHOP) are up 0.6% at $65.97 at last check, after an upgrade from MoffettNathanson to "outperform" from "market perform," and a price-target hike from Mizuho to $65 from $55. The former noted the company's enterprise business is near an inflection point.

There's plenty more room for analysts to jump on the bullish bandwagon with upgrades and/or price-target hikes. Coming into today, 23 of the 38 brokerages in coverage called SHOP a "hold" or worse, while the 12-month consensus target price of $63.86 is a 3.5% discount to current levels.

The security is taking a breather from its July 14, one-year high of $71.42, with support from its 50-day moving average. So far this year, Shopify stock has added a whopping 91.4%.

Options traders lean overwhelmingly bullish. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SHOP's 50-day call/put volume ratio of 3.45 sits higher than 96% of readings from the last 12 months.

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