Why Shopify (SHOP) is a Top Stock for the Long-Term
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If you're a beginner investor, the idea of creating a portfolio from the ground up can feel like an impossible goal to achieve. That's why you should start by looking at stocks that are set to beat the market over the next 12 months, a strategy that's been proven to generate strong returns.
Let's now take a look at one standout stock that could be a perfect fit for your portfolio.
Why You Should Pay Attention to Shopify (SHOP)
Ottawa, Canada-based Shopify Inc. provides a multi-tenant, cloud-based, multi-channel commerce platform that helps in starting, scaling, marketing, and running a business. Its platform and services are engineered for simplicity and reliability, while delivering a better shopping experience for customers everywhere.
Since being added to the Zacks Focus List on September 6, 2022 at $29.94 per share, shares of SHOP have increased 168.5% to $80.39.
One analyst revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0 to $1.12. SHOP also boasts an average earnings surprise of 31.2%.
Moreover, analysts are expecting Shopify's earnings to grow 51.4% for the current fiscal year.
Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks like SHOP offer investors a great opportunity to get into a company whose future earnings estimates will be raised, potentially leading to price momentum.
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Shopify Inc. (SHOP) : Free Stock Analysis Report