Jefferies analyst Samad Samana lowered the firm’s price target on Shopify (SHOP) to $110 from $130 and keeps a Hold rating on the shares. The firm believes momentum seen in 2024 carried into Q1 and expects results to beat consensus on growth and margins, but the unknown impact of tariffs and the elimination of the de minimis rule on both merchants and consumers make it difficult to have confidence that recent momentum is sustainable, the analyst tells investors in a preview.
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