Shopify shares popped ~7% higher today on increasingly positive chatter among investors.

Welcome to the party guys.

LikeFolio initiated a bullish position on SHOP in April 2022, which has since recorded a +60% gain.

The analyst upgrade today was based on expectations of balanced growth and improved margins under new leadership, alongside solid revenue growth and free cash flow conversion driven by stable e-commerce growth, market share gains, and controlled expenses.

Despite a 60% drop from its peak in November 2021, analysts are increasingly optimistic, citing Shopify's leadership in expanding market share through successful product execution and total addressable market growth.

LikeFolio metrics show a +41% YoY increase in Shopify web traffic, a positive indicator for future growth.

Shopify's second-quarter earnings report is anticipated on July 31.