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SHOP

Shopify

$122.47

-10.23 (-7.71%)

07:05
10/25/18
10/25
07:05
10/25/18
07:05

Shopify reports Q3 adj. EPS 4c, consensus (2c)

Reports Q3 revenue $270.1M, consensus $257.85M. Subscription Solutions revenue grew 46% to $120.5 million. This increase was driven primarily by growth in Monthly Recurring Revenue, driven primarily by an increase in the number of merchants joining the Shopify platform. Merchant Solutions revenue grew 68%, to $149.5 million, driven primarily by the growth of Gross Merchandise Volume, or GMV, as well as by strong growth in Shopify Capital and Shopify Shipping, each of which doubled over last year's third quarter. MRR as of September 30, 2018 was $37.9 million, up 41% compared with $26.8 million as of September 30, 2017. Shopify Plus contributed $9.2 million, or 24%, of MRR compared with 20% of MRR as of September 30, 2017. GMV for the third quarter was $10.0 billion, an increase of $3.6 billion, or 55% over the third quarter of 2017. Gross Payments Volume grew to $4.1 billion, which accounted for 41% of GMV processed in the quarter, versus $2.4 billion, or 37%, for the third quarter of 2017. Gross profit dollars grew 50% to $149.7 million as compared with the $100 million recorded for the third quarter of 2017. Operating loss for the third quarter of 2018 was $31.4 million, or 12% of revenue, versus a loss of $12.7 million, or 7.4% of revenue, for the comparable period a year ago.

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SHOP Shopify
$122.47

-10.23 (-7.71%)

09/17/18
09/17/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. LULULEMON UPGRADED TO OUTPERFORM: Wells Fargo analyst Ike Boruchow upgraded Lululemon (LULU) to Outperform from Market Perform, stating that while the brand's current strength is "evident to essentially everyone," his recent meetings with management lead him to believe that its "industry leading" momentum is likely sustainable through the second half of this year and well into 2019. While admitting to being "late to the party," Boruchow said he sees meaningful outperformance and upward revisions being ahead for the athletic apparel company. He raised his price target on Lululemon shares to $200 from $144. In late morning trading, Lululemon shares are higher by 2.3%. NOMURA UPGRADES BROADCOM TO BUY: Nomura Instinet analyst Romit Shah upgraded Broadcom (AVGO) to Buy from Neutral and raised his price target for the shares to $300 from $225. The analyst says the "so many positive takeaways from earnings" have forced him to take a more constructive stance on the shares. GOLDMAN SWAPS CONVICTION BUY ON MASTERCARD, VISA: Goldman Sachs analyst James Schneider added MasterCard (MA) to his firm's Conviction List while maintaining a Buy rating on the shares. The analyst also upped his price target for the stock to $260 from $230. Goldman Sachs analyst James Schneider removed Visa (V) from his firm's Conviction List but maintains a Buy rating on the shares with an unchanged price target of $160. The analyst, who continues to see upside to Street estimates, cites the recent share outperformance for the removal. MORGAN STANLEY INITIATES CONSUMER STAPLES: Morgan Stanley analyst Dara Mohsenian assumed Kraft Heinz (KHC) with an Underweight and $52 price target, as he believes it topline growth will likely trail food peers. In late morning trading, Kraft Heinz shares were down almost 2%. The analyst also assumed coverage of Mondelez (MDLZ), General Mills (GIS), and Kellogg (K) with Equal Weight ratings. KEYBANC SEES CANNABIS AS DRIVER FOR SHOPIFY: KeyBanc analyst Monika Garb said she is a buyer of Shopify (SHOP), as the company has "ample" growth opportunities ahead, and she sees potential upside to her above-consensus estimates. She expects that recreational sales of cannabis in Canada could be a GMV and revenue driver and further benefit Shopify's business momentum. Garb maintained an Overweight rating and $182 price target on the shares.
10/01/18
JEFF
10/01/18
INITIATION
Target $175
JEFF
Hold
Shopify initiated with a Hold at Jefferies
Jefferies analyst Samad Samana started Shopify with a Hold rating and $175 price target. The analyst expects Shopify to continue to post "healthy growth for years to come," but is cautious on the stock given the greater than 280% increase since start of 2017. The valuation multiple approaching all-time highs, Samana tells investors in a research note
10/10/18
KEYB
10/10/18
NO CHANGE
KEYB
Shopify, Salesforce should be bought on October pullback, says KeyBanc
KeyBanc analyst Brent Bracelin notes that the 55 largest SaaS stocks had an incredible run through the end of Q3, as the group benefited from robust secular tailwinds and multiple expansion with forward EV/S levels increasing by two full turns above the five-year average. That said, the "Big Chill" has quickly set in during the first nine days of October as the group is down 11% this month and 21% from the highs, on average, he adds. The analyst has identified eight high-quality SaaS stocks that he would buy on the October pullback based on attractive risk-reward and growth profiles looking out into 2020, namely Shopify (SHOP), Salesforce (CRM), Twilio (TWLO), Wix.com (WIX), Zendesk (ZEN), BlackLine (BL), Avalara (AVLR), and Mindbody (MB).
10/17/18
BARD
10/17/18
NO CHANGE
BARD
Pressure on Shopify around China shipping overblown, says Baird
Baird analyst Colin Sebastian noted that Shopify was under a lot of pressure after a New York Times report that the Trump administration plans to withdraw from the Universal Post Office Treaty, which had previously allowed Chinese merchants to ship packages to the US at steeply discounted rates. Sebastian called the fears " way overblown," noting that Shopify's total exposure in China is low, and maintained an Outperform rating with a $165 price target on Shopify shares.

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