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Shopify stock jumps after Deutsche Bank’s upgrade adds to bullish chart outlook


Shopify Stock Jumps Following Deutsche Bank Upgrade

Shares in Shopify (SHOP) continued to rally this week due to a strong upgrade from Deutsche Bank and a bullish technical chart outlook.

Deutsche Bank Upgrade

Deutsche Bank has upgraded its rating on Shopify stock from “Hold” to “Buy” with an $980 price target citing an “energy” in the platform shift to digital commerce enabled by the pandemic.

Analysts at Deutsche Bank noted that, “the pandemic has accelerated the shift to digital commerce,” and that “with take-up of the platform outpacing expectations, the evidence of an embedded platform business model has become clearer.”

They conclude that, “it’s increasingly becoming a data play in its own right, as evidenced by its shop pay consumer payments offering and its recently launched fulfillment network . . . . [It’s] at the vanguard of one of the most disruptive consumer trends of the last five years.”

Bullish Chart Outlook

The upgrade from Deutsche Bank follows a series of analysts that have added to a bullish technical chart outlook for Shopify stock. In the first quarter of 2021, Shopify exceeded expectations with impressive revenue growth of 92 percent year-over-year driven by a large influx of new merchants to the platform.

Analysts at Bernstein noted that “the company is continuing to benefit from the continuing shift to digital commerce and that the company has a structural advantage as one of the most well-positioned companies in the sector.”

Conclusions

The combination of a positive upgrade from Deutsche Bank as well as a bullish technical chart outlook has largely contributed to Shopify stock rallying this week. Analysts at Deutsche Bank concluded that “as digital commerce grows, Shopify is well-positioned to benefit due to its platform network and the acceleration of digital payments.”

In addition, the bullish chart outlook from the first quarter of 2021 is indications that the company is well-positioned to benefit from the continued shift to digital commerce. Overall, investors have responded positively to the upgrade pushing Shopify stock higher this week.

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