From Goldman Sachs today....
"Following global shelter-in-place orders in response to COVID,
e-commerce penetration went from 16% of retail spending in the
US in 1Q20 to 40% in May. GS’s Internet team now estimates US
e-commerce revenue will grow 29% this year, up from 15%
previously (see note), which we believe would provide a sustained
tailwind to SHOP’s GMV growth and by extension its merchant
solutions revenue. While we acknowledge that we have missed a
significant run up in SHOP shares (up 140% in the YTD), we would
point out that SHOP has one of the largest TAMs in software, which
we measure at $200bn globally. And with a unique customer
acquisition funnel that has not only found unmatched success in
SMB but increasingly the enterprise segment as well, we believe
SHOP should be able to sustain hyper-growth for longer than the
market expects. We therefore are upgrading shares of SHOP to Buy
(from Neutral), and maintaining our recently-revised PT of $1,127"