Shopify Price Target Raised by Roth MKM
Analyst Raises Target by 26%
WEB Roth MKM analyst Darren Aftahi increased their price target on Shopify (NYSE: SHOP) by 26% from $77 to $79 on August 8, 2024.
Increased Price Target
Roth MKM's previous price target for Shopify was $77.00. The new target of $79.00 represents a significant increase of 26%, indicating the analyst's positive outlook on the company's future performance.
According to the 39 analysts covering Shopify, the average 12-month price target is $77.24. The highest price target is $95.00, while the lowest price target is $55.00.
Buy Rating Reaffirmed
In addition to raising the price target, Roth MKM also maintained their "Buy" rating on Shopify. This rating indicates the analyst's belief that the company's stock is undervalued and has the potential to outperform the market.
Conclusion
The price target increase and buy rating reaffirmation from Roth MKM are positive indications for Shopify investors. The analyst's optimism about the company's future prospects suggests that the stock may continue to perform well in the long term.
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