Shopify Stock Retests All-Time Highs Ahead of Earnings
Shopify Inc. (SHOP Shopify Inc 126.06 -1.47%) shares have risen nearly 10% since the beginning of the week following positive commentary from several analysts. In anticipation of strong fourth quarter earnings on Feb. 15, traders and investors have sent shares sharply higher to retest their all-time highs at around $131.16. Traders may want to keep an eye on the stock given the higher-than-average volatility and the potential for another great quarter.
Wedbush's Aaron Turner raised his price target on Shopify shares from $120.00 to $140.00 on Monday, citing a long growth runway supported by an underpenetrated total adressable market, multiple growth vectors and high-caliber management. On Tuesday, Roth Capital's Darren Aftahi raised his price target from $127.00 to $144.00, saying that fourth quarter financial results are likely to be above expectations following positive channel checks.