Bullish Outlook For E Commerce Giant

Roth MKM Raises Shopify Price Target to $79

Bullish Outlook for E-Commerce Giant

Analyst Darren Aftahi Increases Valuation, Maintains "Buy" Rating

Roth MKM analyst Darren Aftahi has raised his price target on Shopify (NYSE: SHOP) from $77 to $79, a 26% increase. The move reflects the analyst's bullish outlook on the e-commerce platform's growth prospects.

Aftahi cited the company's strong financial performance, including its recent earnings report which exceeded expectations. He also highlighted the company's ongoing investment in innovation and its expanding ecosystem of partners.

The new price target is in line with the average analyst target of $77.16 for Shopify. The consensus analyst rating on the stock is "Buy," with 34 analysts recommending the stock and only one recommending to "Sell."

Shopify shares have been on a steady upward trend since the beginning of the year, and are currently trading at around $74.55. The stock has a 52-week high of $90 and a low of $63.29.

The company's long-term prospects remain bright, as e-commerce continues to grow rapidly worldwide. Shopify is well-positioned to capitalize on this growth, and its strong fundamentals and positive analyst sentiment make it an attractive investment opportunity.