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Analysts slash estimates for Shopify amid global retreat for tech stocks

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Ahead of Shopify’s second-quarter earnings report, analysts have been sharply cutting their average consensus estimates for the company’s earnings

second-quarter financial results as macroeconomic concerns weigh heavily on the outlook for the Ottawa-based company amid a global rout for technology stocks.

Ahead of Shopify’s second-quarter earnings report, which will be released Wednesday, analysts have been sharply cutting their average consensus estimates for the company’s earnings, currently expecting just a penny or two a share.CIBC Capital Markets and D.A. Davidson have lowered their price targets to US$42.50 and US$31, respectively, while keeping the stock’s rating at neutral. At the same time, RBC Capital Markets is placing its target at US$70. Shopify shares closed at US$36.

Still, the RBC analysts say, Shopify would remain marginally profitable. “While macro uncertainty may continue to create volatility in the shares, we believe that Shopify is one of the most compelling growth stories in our coverage universe.” While Shopify has often exceeded expectations since its 2015 initial public offering, the margin has been shrinking, CIBC analyst Todd Coupland told clients on Monday.

 

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