Credit Suisse Keeps a Buy Rating on Shopify (SHOP)

By Carrie Williams

In a report issued on September 9, Brad Zelnick from Credit Suisse reiterated a Buy rating on Shopify (SHOPResearch Report), with a price target of $370. The company’s shares closed last Monday at $337.24.

According to TipRanks.com, Zelnick is a 5-star analyst with an average return of 14.9% and a 72.7% success rate. Zelnick covers the Technology sector, focusing on stocks such as Zoom Video Communications Inc Class A, SS&C Technologies Holdings, and Ceridian HCM Holding Inc.

Currently, the analyst consensus on Shopify is a Moderate Buy with an average price target of $354.88, representing a 0.7% upside. In a report issued on August 27, Rosenblatt Securities also reiterated a Buy rating on the stock with a $481 price target.

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Based on Shopify’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $28.68 million. In comparison, last year the company had a GAAP net loss of $23.95 million.

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Shopify, Inc. operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops.