02:31 PM EDT, 05/08/2024 (MT Newswires) -- Shopify ( SHOP ) reported solid in-line Q1 results that were actually ahead of expectations, writes National Bank. The issue was Q2 guidance which came in shy of expectations. Shopify ( SHOP ) is now down near 20%

National Bank analyst Richard Tse continues to believe that "Shopify ( SHOP ) is fortifying its market leading position while expanding its TAM in new market segments. We see Shopify ( SHOP ) continuing to execute on the above with a lot of torque from growing capital discipline."

In short, the selloff is overdone and "if you missed the run last year, here's an opportunity," Tse adds.

Maintain Outperform, US$100 target.

Price: 85.14, Change: -20.61, Percent Change: -19.49