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Shopify price target lowered to $1,400 from $1,650 at Deutsche Bank
Deutsche Bank analyst Bhavin Shah lowered the firm's price target on Shopify to $1,400 from $1,650 and keeps a Hold rating on the shares. The analyst expects Shopify will report a "solid end" to 2021 as the company continues to benefit from new merchant growth and the shift to online commerce. He sees upside to Q4 sell-side estimates, particularly on gross merchandise volume, though he believes much of the focus will be on Shopify Fulfillment commentary. As Merchant Solutions take rate increases in importance to the Shopify narrative into 2022, these changes will likely constrain estimate revisions, "capping meaningful share outperformance," Shah tells investors in a research note.