Can Shopify Stock Rebound? Key Insights Ahead of Q2 Earnings
Can Shopify Stock Rebound? Key Insights Ahead of Q2 Earnings
E-commerce platform Shopify Inc (NYSE:SHOP) is due to report second-quarter earnings Wednesday morning.
電子商務平台Shopify Inc（紐交所：SHOP）將於週三上午發佈季度業績。
Here's what investors need to know.
以下是投資者需要知道的內容。
Shopify Looks To Rebound
Shopify期望反彈。
JPMorgan's analysis of the company's upcoming second-quarter 2024 earnings, due during Tuesday's pre-market session, highlight a pivotal moment for the company, as its shares have dropped sharply since the first-quarter 2024 report on May 8.
摩根大通對該公司2024年第二季度即將到來的業績進行了分析，預計在週二的盤前交易中公佈，強調了該公司的關鍵時刻，因爲自5月8日第一季度業績以來，其股票價格急劇下滑。
Lead analyst Reginald L. Smith, CFA, and team note investors are looking for clarity on whether Shopify can maintain over 20% growth medium-term despite potential macroeconomic challenges, and whether management is prepared to cut operational expenditures to boost margins if necessary.
首席分析師Reginald L. Smith, CFA和團隊指出，投資者正在尋求清晰的信息，了解Shopify是否能夠在存在潛在宏觀經濟挑戰的情況下，保持20%以上的中期增長，並了解管理層是否準備削減運營支出以提高利潤率。
Read Also: What's Going On With Shopify Shares Tuesday?
閱讀更多：爲什麼Shopify股票在週二下跌？
Market Doubts vs. Growth Hopes
市場懷疑與增長期望
Currently trading at about 7x forward sales, a 12-month low, Shopify's valuation suggests the market isn't fully recognizing its growth or cost-control potential, which may limit further downside. However, JPMorgan expresses concerns about the Street's forecasted 21% revenue growth for third-quarter 24 and a 230 basis point increase in adjusted operating margin for 2025, suggesting these targets might be optimistic.
目前以大約7倍的預期銷售額交易，12個月中的最低點，Shopify的估值表明市場尚未完全意識到其增長或成本控制潛力，這可能會限制進一步下跌。然而，摩根大通表示擔心第三季度24年預測的21%營業收入增長以及2025年調整後營業利潤率增長230個點子，這些目標可能過於樂觀。
For the second quarter, JPMorgan anticipates 18% year-over-year revenue growth, driven by a 21% rise in subscription revenue, with an adjusted operating margin of 11.7%, both in line with Street expectations. Despite slowing growth in GMV and GPV, Shopify is expected to continue increasing GPV penetration among merchants.
摩根大通預計第二季度營收同比增長18％，由21％的訂閱收入增長推動，經調整後的營業利潤率爲11.7％，均符合市場預期。儘管GMV和GPV的增長放緩，Shopify預計將繼續增加商家的GPV滲透率。
Read Also: Wall Street Rebounds After Selloff, VIX Falls, Dollar Surges Against Yen: What's Driving Markets Tuesday?
閱讀更多：華爾街回補後，VIX下跌，美元兌日元升值：是什麼推動了週二的市場？
What Else?
還有什麼其他消息嗎？
Given the recent, significant share price drop, JPMorgan suggests Shopify might be an attractive buy post-earnings if management effectively manages operational levers to counter growth deceleration.
由於股價最近大幅下跌，摩根大通認爲，如果管理層有效地管理操作槓桿以抗擊增長放緩，則Shopify可能成爲後期投資的有吸引力選擇。
J.P. Morgan rates Shopify as Overweight with a $74 price target by December 2025, representing a 42% upside. This valuation assumes a 13x forward sales multiple for the subscription business and a 15x forward gross profit multiple for merchant services, implying a 9x blended forward revenue multiple.
根據摩根大通的評級，Shopify爲超配，目標股價是2025年12月的74美元，漲幅約爲42％。這一估值假定訂閱業務採用13倍前瞻銷售倍數，商戶服務採用15倍前瞻毛利潤倍數，意味着融合前瞻收入倍數爲9倍。
Risks to this outlook include adverse consumer and macroeconomic sentiments, slower GMV/GPV growth, potential data breaches, high marketing and R&D costs without immediate returns and slower market penetration.
這一前景的風險包括不利的消費者和宏觀經濟情緒，GMV / GPV增長放緩，潛在的數據泄露，高額的營銷和研發成本而沒有立即回報和市場滲透速度放緩。
According to data from Benzinga Pro, SHOP has a 52-week high of $91.57 and a 52-week low of $45.50.
根據Benzinga Pro的數據，SHOP的52周最高價爲91.57美元，52周最低價爲45.50美元。
譯文內容由第三人軟體翻譯。