Shares of Shopify (NYSE: SHOP) have climbed as much as 7% today after getting a bullish initiation from Wall Street. Wolfe Research kicked off coverage on Shopify with an outperform rating while assigning a price target of $1,360. As of 11:20 a.m. EDT, the stock had given back some of those gains and was up 4%.
Analyst Deepak Mathivanan believes Shopify has the potential to “play in the FANG leagues over the long term,” referring to the popular group of tech giants (which sometimes include another company to make FAANG). Shopify’s products and services are very competitive and position the e-commerce specialist to benefit from rising adoption of online shopping. The company is already capitalizing on the convergence of several themes within the e-commerce industry that could reshape global retail, according to Mathivanan.