J.P.Morgan starts Shopify with 'overweight' on growing e-commerce prospects
** U.S.-listed shares of Shopify SHOP.N rise ~1% to $63.63 premarket
** J.P.Morgan initiates coverage on Canadian e-commerce platform with "overweight" rating and $74 price target
** Expects 18% compounded revenue growth through 2026 as SHOP benefits from secular shift toward e-commerce and scales growth initiatives
** Believes recent pullback in stock following SHOP's results creates attractive entry opportunity for new investors
** We size Shopify's global serviceable ecommerce GMV opportunity ex-China, Amazon, Apple and Walmart at $1.9 trillion, which translates into a nearly $60 billion serviceable revenue opportunity - brokerage
** Estimates offline retail could be an incremental $60-$90 bln opportunity globally
** 26 of 49 brokerages rate the stock "buy" or higher, 23 "hold"; their median PT is $75.5 - LSEG
** Up to Monday's close, stock down ~19% YTD
Reporting by Roshan Abraham
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