E-commerce giant Shopify Inc. (NYSE: SHOP) is one of those tech stocks still very much trading in the shadow of its COVID-era highs. Its story is one of an eye-watering rally and a painful, nearly 90% crash from which it's still recovering.
However, that's the story when you look at the stock's history over the past five years. But zooming in on their more recent performance and future prospects, the story is very different. The optimist would say they've rallied more than 200% from 2022's low and have jumped 55% since the start of last month.
As investors start to review their portfolios for the final quarter of the year in light of the Fed's rate cut last night, and look to get ready for 2025, they could do a lot worse than consider Shopify.
Bullish Outlook: Redburn Sees Big Upside for Shopify
Earlier this week, the team over at Redburn Atlantic upgraded their rating on the stock to Buy, along with a price target of $99. Considering Shopify shares finished trading last night around $75, that's pointing to a targeted upside of more than 30%.
The basis for the Redburn team's bullishness is what they called Shopify's "industry-leading innovation, ...
