Analysts slash estimates for Shopify amid global retreat for tech stocks

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks, U.S. futures mixed ahead of earnings, Fed - BNN BloombergStocks and US futures were mixed on Tuesday amid caution in global markets ahead of the Federal Reserve interest-rate hike.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

U.S. stock trading hits 2022 low before Fed, earnings - BNN BloombergU.S. stocks wavered in a choppy session as traders braced for earnings from technology bellwethers amid the threats of a hawkish Federal Reserve, scorching inflation and a looming economic recession.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Six bargain dividend stocks for investors to play a market reboundThree dividend fund managers give their top picks for stocks to buy on sale amid the market downturn
Source: globeandmail - 🏆 5. / 92 Read more »

Five things to watch for in the Canadian business world in the coming weekTORONTO — Five things to watch for in the Canadian business world in the coming week: Resource earnings Some of the biggest names in the Canadian resource sector are expected to report their second-quarter results this week. Kinross Gold Corp., Lundin Mining Corp., Teck Resources Ltd. and Crescent Point Energy Corp. are expected to report on Wednesday. Enbridge Inc. and Imperial Oil Ltd. are scheduled to report Friday. Shopify earnings Shopify Inc. is scheduled to release its second-quarter resu
Source: YahooFinanceCA - 🏆 47. / 63 Read more »