Shopify Could Rival Amazon’s First-Party Sales, KeyBanc Says
Photographer: Kevin Van Paassen/Bloomberg
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Online retail giant Amazon.com Inc. could face a viable competitor in Shopify Inc., according to KeyBanc analyst Josh Beck.
KeyBanc’s checks and bottom-up segment model suggest Shopify’s gross merchandise volume will eventually rival Amazon’s first-party sales, Beck wrote in a note to investors Sunday. “Overwhelmingly positive” feedback from partners, developers and merchants at three recent industry conferences prompted Beck to raise his 2020 revenue estimates and lift his price target on the stock to $350 from $300.