02:06 PM EDT, 04/26/2024 (MT Newswires) -- Deutsche Bank's recent industry conversations suggest Shopify Plus momentum is accelerating, as seen by the pace of mid-enterprise migrations and pipeline build. This, in conjunction with analysis of app usage data and Bloomberg alternative data, suggests FQ1 results will be ahead of expectations across GMV, Revenue, and Operating Income, writes analyst Bhavin Shah.

Shah also expects GMV growth of mid-20's y/y vs. Street +20%, accelerating from Q4 levels, which should drive overall revenue growth of ~24% y/y.

Also expecting Q2 revenue to be guided to similar levels as in Q1 (~20's % y/y growth) with operating expense growth likely guided to low single digit q/q growth.

Deutsche Bank has a Buy rating and US$95 target on Shopify ( SHOP ).

Price: 98.03, Change: +1.70, Percent Change: +1.76