Following a favorable analyst recommendation today, Shopify Inc. (NYSE: SHOP) stock is gaining momentum in the pre-market session. As of the latest update, SHOP stock was trading up 3.38% on the US charts, reaching $58.95.
Table of Contents
Toggle- Goldman Sachs Rises in Shopify's Future Opportunities
- Developing Collaborations To Improve Tax Compliance
Goldman Sachs Rises in Shopify's Future Opportunities
The 12-month price target for Shopify (SHOP) shares has been increased from $67 to $74, and Goldman Sachs has improved its rating for the firm from "Neutral" to "Buy." Analyst confidence in Shopify's recent strategic developments which have had a major impact on this upgrade and the raised price target, is reflected in this upbeat prognosis.
Developing Collaborations To Improve Tax Compliance
In a calculated move, Shopify has strengthened its partnership with Avalara, Inc., a well-known supplier of cloud-based tax compliance automation solutions for companies of all kinds. By integrating Avalara with the Shopify Tax Platform, businesses of all sizes can effectively oversee and automate compliance with international tax laws.
Avalara's integration as a Shopify Tax Platform Partner enables Shopify to handle the various compliance requirements of global businesses, spanning from startups to major conglomerates. Thanks to this partnership, all Shopify users may now take use of benefits that were previously exclusive to Shopify Plus subscribers, providing them with the assurance to do business, comply with regulations, and expand globally.
Users of Shopify Plus have had access to tax computation services from Avalara, a respectable Shopify partner, since 2015. As part of the Shopify Tax Partner Platform, Avalara can now manage all of Shopify clients' worldwide tax compliance needs. This covers managing property tax, 1099 and W-9 forms, exemption certificate administration, value-added tax, sales tax, and more.
Having worked with Shopify for years to simplify tax compliance for merchants, Avalara's integration into the Shopify Tax Platform ensures that compliance will no longer impede business growth. As one of the first partners on this platform, Avalara is now positioned to support a broader range of Shopify customers with seamless, industry-leading tax solutions.