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Deutsche Bank Says Sell

Deutsche Bank initiated coverage on (SHOP) with a sell rating.

Analyst Jeetil Patel says faces significant risks related to its dependence on search engines for the majority of traffic and rising competition. He believes the current valuation does not fully reflect risks.

He says changes to search engine algorithms could eliminate Web pages from search results, reducing traffic, lead, and revenue generation. He notes a rising paid-search pricing could hamper operating margins and/or reduce profitable traffic acquisition opportunities should be unable to increase its own pricing.

Patel notes that brand building is key, but comes at cost. He set a $20 price target.

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