Shopify Inc. 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. (See also: Shopify Launches Ecommerce Channel for Gaming Companies, Integrates with Apple .)
Shopify is set to report its quarterly earnings this week, and traders will be watching these key levels. …read more
Read more here: Shopify Stock Retests All-Time Highs Ahead of Earnings