Q: As a follow-up to Blake's question a couple of days ago, I see there was a negative report from Piper Sandler to underweight due to recent runup, valuations and reference to elements in 2024, Am now underweight SHOP and wondering whether I should keep accumulating or wait for a pullback. Your thoughts would be greatly appreciated. Thank you for your great service!
5i Research Answer:
We can't give personal guidance but would be comfortable buying the stock today. Business is very good, the Q3 was solid, and an interest rate pivot should be very good for the shares' valuation. Piper acknowledges that growth is excellent and the fundamentals are solid, and the change only reflects the big run-up after earnings and valuation.