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SHOP

Shopify

$100.43

-2.87 (-2.78%)

08:01
10/06/17
10/06
08:01
10/06/17
08:01

Piper addresses Shopify concerns, maintains Overweight rating

Piper Jaffray analyst Sam Kemp notes that shares of Shopify are down 14% after a recent short report from Citron Research raised concerns about the composition of the company's subscriber base, its promotional language that potentially violates FTC guidelines, the operation of its referral network, and the company's lack of profitability. Concerns that Shopify's merchant growth is being bolstered by a pyramid scheme, influencers that are compensated for leads without disclosing their affiliate relationship with Shopify, and merchant growth from the promise of growing a dropshipping operation are "misunderstood," Kemp tells investors in a research note. The analyst says that while elements of each of these concerns could be valid, they represent only a small portion of Shopify's merchant growth. The analyst agrees that Shopify's promotional language may be aggressive, but he views its referral network as "legit." Kemp keeps an Overweight rating on Shopify with a $110 price target.

SHOP Shopify
$100.43

-2.87 (-2.78%)

10/04/17
BARD
10/04/17
NO CHANGE
BARD
Outperform
Baird sees buying opportunity in Shopify after 'off-base' Citron report
10/04/17
BARD
10/04/17
NO CHANGE
BARD
Outperform
Shopify short report brings buying opportunity, says Baird
Baird analyst Colin Sebastian views the selloff today in shares of Shopify (SHOP) following a short report from Citron Research as a buying opportunity. The report is "largely off-base," and the comparison to Herbalife (HLF) is "clearly misleading," Sebastian tells investors in an intraday research note. Shopify is not a multi-level marketing company, rather a technology company that sells a SaaS e-commerce platform, the analyst contends. Further, he points out that his survey of Shopify ads today indicate very few, or one out of 20, contain the word "millionaire." The vast majority of the marketing campaigns are focused on easy online store set-up, building a brand, selling on Facebook (FB), or creating an online shop, Sebastian writes. The analyst earlier today surveyed Shopify sellers and found that messaging from company does not promote a "get rich quick" narrative. Over 90% of those surveyed hadn't seen a Shopify ad claiming they could become millionaires, the analyst points out. Sebastian says that while the short report presents a new overhang on the shares, today's selloff provides a buying opportunity. He has an Outperform rating on Shopify with a $90 price target. The stock in afternoon trading is down 11%, or $12.51, to $104.30.
10/05/17
SBSH
10/05/17
NO CHANGE
Target $110
SBSH
Neutral
Shopify bears little resemblance to multi-level marketers, says Citi
Citi analyst Kenneth Wong provided his thoughts on Shopify following Citron Research's short report. The company's exposure to a possible FTC investigation is limited as its core business bears little resemblance to a multi-level marketing scheme, Wong tells investors in a research note. He adds that while some merchant additions "undoubtedly come through less scrupulous channels," Shopify's business is largely generated by legitimate agencies, reputable social media endorsers, app partners and traditional marketing channels. The analyst sees possible opportunities should the stock see sustained pressure over the coming days or weeks. Wong has a Neutral rating on Shopify with a $110 price target.
10/05/17
FBCO
10/05/17
NO CHANGE
FBCO
Credit Suisse sees central logic of Shopify short report as 'flawed'
Credit Suisse analyst Michael Nemeroff says that after reviewing a recent short report on Shopify, he finds the central logic of it to be "flawed." The analyst continues to recommend investors buy Shopify shares due to the company's integrated cloud-based commerce platform, the secular trend toward e-Commerce and convergence of multiple retail sales channels, its extensible platform with a large third-party ecosystem, technological advantages over peers, pricing model that scales with its customers' success, and numerous growth initiatives, which he believes position the company for sustainable strong revenue growth over the next several years.

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