One investing expert says he is bullish on Shopify Inc.’s longer-term prospects but believes investors should be prepared for volatility in the shorter term.
Kash Pashootan, the chief executive officer of First Avenue Investment Counsel, said in an interview with BNN Bloomberg Monday that the Ottawa-based e-commerce company is likely to benefit from the growth of e-commerce.
“Shopify, when you're buying it now, you have to be ready for some volatility. And if it doesn't happen, you won't be upset, but you need to be ready for it if it does happen, given how much it's appreciated in a short period of time,” Pashootan said. Additionally, he said that Shopify has refocused its operations by reorganizing its fulfillment business and reducing its workforce. “Conservative estimates [of total sales] have it being 21 per cent by 2026. So that's a 50 per cent increase from here,” Pashootan said.
“When you do the math, if Shopify’s market share was to go from 3.5 per cent which it is today…to even up 50, 60, 70 per cent. It does significant things for the stock from where it is here. Over 100 per cent appreciation potential from where it is here.”
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