On Tuesday, Loop Capital Markets expressed continued confidence in Shopify (NYSE:SHOP), maintaining a Buy rating and a price target of $140.00.
The firm's analyst, following an updated quarterly survey of current Shopify merchants, found that the feedback was consistent with previous findings and noted positive reception of Shopify's artificial intelligence tools such as Magic and Sidekick.
The analysts said "we...believe Shopify's strong Black Friday through Cyber Monday performance (including a 24% increase in GMV to $11.5B) and better-than-expected holiday selling season results from a myriad of US retailers bodes well for Shopify's 4Q 2024 results."
The analyst pointed out that the success of Shopify's AI merchant tools and solid sales figures during critical shopping events are encouraging signs for the company's near-term financial health.
The maintained price target and rating reflect the firm's expectation that Shopify will continue to perform well.
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