Oppenheimer expects mild negative reaction following Shopify CRO departure

Oppenheimer notes that Shopify (SHOP) Chief Revenue Officer Bobby Morrison announced his departure earlier in a LinkedIn post. Morrison follows ex-COO Kaz Nejatian’s exit in mid-September. The firm expects a mild negative reaction on concerns of potential enterprise execution risk into the always-important holiday season with this “brain drain.” Oppenheimer does not view the executive drain as a signal of internal disarray, but rather of the recent success of the organization. In addition, Oppenheimer’s sense is that President Harley Finkelstein has a very active role in enterprise engagements, further limiting near-term execution risk. The firm has an Outperform rating on the shares with a price target of $180.