Shopify Inc. (NASDAQ:SHOP) is among the top 10 stocks to buy from Cathie Wood’s stock portfolio. At a reported value of roughly $716 million, SHOP accounted for close to 4.3% of ARK Investment Management’s 13F portfolio at the end of September.
On November 24, analysts at BNP Paribas Exane initiated coverage of Shopify Inc. (NASDAQ:SHOP) with a Neutral rating and a $160 price target, according to TheFly. The analysts see the company as a “clear leader in global e-commerce” and “well positioned to continue gaining share for years to come.”
Shopify Inc. (NASDAQ:SHOP) has rallied 49% year to date, and with such a strong performance, BNP Paribas Exane believes the stock’s valuation is fully priced for the robust long-term outlook. They therefore chose a neutral stance.
However, the analysts said they may “turn more constructive on shares in the event of a further pullback” in share prices.
Shopify Inc. (NASDAQ:SHOP)’s stock had touched as high as $182 during late October, and clocked nearly 70% in year-to-date returns, before correcting around 12% in November. As of November 27, the stock is a moderate Buy, with a consensus 1-year median price target of $165, implying 4% upside.
Shopify Inc. (NASDAQ:SHOP) provides a cloud-based commerce platform that enables merchants to build, operate, and scale online and offline stores. It offers tools for payments, marketing, fulfilment, and omnichannel retail.
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Disclosure: None. This article is originally published at Insider Monkey.
