Shopify’s (NASDAQ: SHOP) flywheel will drive its stock price to new highs because growth investments beget growth, growth is outperforming and accelerating, and free cash flow is robust, allowing for targeted technology investments that pay off. Not only is the fundamental story bullish, but it is also driving a robust analyst trend. The data tracked by MarketBeat shows 46 analysts with current reports, a significant number given that it is among the most-covered stocks on Wall Street.
Market leaders such as NVIDIA (NASDAQ: NVDA) and Alphabet (NASDAQ: GOOGL) have 49 and 48 analysts covering their stocks, respectively, compared to approximately 20 for the average S&P 500 company.
