Shopify ($SHOP) – Channel Checks – June 22, 2024

By Brad FreemanJune 25, 2024Posted in Stock Insights

Third-Party Content. Provided for informational purposes only. Not investment advice or a recommendation to buy or sell any security. See disclosure here.

Shopify ($SHOP) – Channel Checks – June 22, 2024

Oppenheimer issued a bullish note on Shopify this week. It’s incredible how hated this stock was at $50 and how fashionable it suddenly is to like it once more at $65… but I digress. The source of the bullishness is highly encouraging. It stems from strong merchant momentum leading to great top line growth for this year and heading into next year. Specifically, it sees this growth offsetting temporary take-rate pressure via mix-shift to larger enterprise customers. All in all, its channel checks indicate $67.5 billion in gross merchandise volume (GMV) for Q2 compared to $65.5 billion consensus. A 3% beat would be a large one for this specific metric.

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Meet the Author

Brad Freeman

Stock Market Nerd, BBAE Contributor

Meet Brad Freeman, an independent financial analyst on the BBAE blog, and publisher of the popular StockMarketNerd newsletter. He's known for his thorough, candid takes on many of the most widely-held stocks’ earnings reports — and some less-known companies that Brad feels hold promise. When this University of Michigan finance grad isn't sharing his financial wisdom with his readers, he passionately supports his hometown Detroit sports teams. Keep an eye out for Brad's market analysis and insights.

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