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In the Shopify second quarter preview, the analysts told investors that merchant checks suggest growth acceleration from the firm’s prior survey, with median and mean growth rates of 14.2% and 15.3%.
They added that the firm has historically used this as a proxy for GMV growth, which they model at 13.6% for 2Q.
“SHOP has typically outperformed our survey work,” the analysts wrote. “Our checks give us confidence our/consensus topline estimates could prove conservative, along with an improving profit outlook.”
“We continue to recommend SHOP shares with industry-leading growth in the mid-20%.”
