Shopify Posts Record Black Friday Sales of $2.4 Billion

Online-shopping host Shopify  (SHOP) – Get Report posted record Black Friday global sales of $2.4 billion as concern about the coronavirus pandemic had vast numbers of consumers choosing e-commerce over brick-and-mortar shopping.

Shares of the Ottawa commerce platform at last check rose 1% to $1,045.12.

The company said that from the start of Black Friday in New Zealand through the end of Black Friday in California, Shopify-powered businesses saw a 75% increase in sales from Black Friday in 2019.

New York, London, and Los Angeles were the top-selling cities worldwide on Black Friday, Shopify said. Top-selling countries included the U.S., U.K., and Canada.

By 8 a.m. Monday U.S. Eastern, merchants on Shopify collectively had crossed $1 billion in sales.

Top product categories globally during Black Friday were apparel and accessories, followed by health and beauty and home and garden.

Sales on Black Friday were made two-thirds (67%)

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Shopify Upgraded to Buy at Jefferies on Internet Shopping Growth

Shopify  (SHOP) – Get Report shares rose Thursday after Jefferies analyst Samad Samana upgraded the online-shopping host to buy from hold and lifted his share-price target to $1,250 from $1,150.

“We have a greater appreciation for SHOP’s ability to deliver robust growth for the next several years and reach about $10 billion of revenue in 2025, powered by a structural pull-forward in e-commerce activity and better monetization of [gross merchandise value],” he wrote in a commentary.

Shopify shares recently traded at $977.90, up 5%. They have well more than doubled year to date as Internet shopping has exploded during the coronavirus pandemic.

“We expect SHOP to sustain strong GMV growth in the fourth quarter, powered by holiday shopping,” Samana said. “With [the] shares about 20% off 2020 highs, we see now as an opportunistic entry point.”

The prospects for Shopify in the long term are bright, the analyst

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