F.N.B. Corporation (NYSE:FNB) defied analyst predictions to release its quarterly results, which were ahead of market…

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It's shaping up to be a tough period for Wells Fargo & Company (NYSE:WFC), which a week ago released some…

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The viral outbreak might be having a ruinous effect on a host of industries, but it is no secret some have thrived in these conditions. Hardly any more so e-commerce platform Shopify (SHOP). Shares are up by 133% year-to date, although to be fair, it’s not as if Shopify needed a helping hand before the pandemic struck. Overall, since debuting on the New York Stock Exchange for $28 a share in May 2015, the stock is up by 3,320% and Shopify has positioned itself as one of the 21st century’s tech giants.But there’s room for another slight uptick from here, argues RBC analyst Mark Mahaney. The 5-star analyst expects Shopify shares to be changing hands for $1000 apiece over the next months, implying 8% of upside. (To watch Mahaney’s track record, click here)Driving Mahaney’s bullish outlook is a recent report by RBC Elements – the investment firm’s data science team  – that analyzed Shopify’s merchant base and reached the following conclusions: “1) Shopify’s gross merchant adds appear to have accelerated in Q2; 2) Shopify’s merchant churn appears below historical trends; and 3) Shopify’s merchant mix is only 58-68% consumer discretionary.”Mahaney believes “these results are stronger than most investors assume.”As of July 7, Shopify had 1.42 million merchants, which is 1.15 million more than at the end of Q1. In Q2, gross merchant adds increased by 88% quarter-over-quarter from 217,000 to 407,000, while also rising by 83% year-over-year.On the flip side, and indicating another positive trend, in Q2, merchant churn was 137,000, which amounts to 12% of total merchants at the beginning of the quarter. This is a lower rate than the 185,000 – or 17% – exhibited in Q1 and lower than the last 4 quarters’ average churn rate of 15%.An improvement in Shopify’s Amazon Alexa Website ranking is also indicative of increasing popularity. Over the last 90 days, Shopify has climbed in the rankings from 55 to 33.So, that’s RBC’s take, now let’s take a look at the rest of the Street’s view. Based on 8 Buy ratings, 13 Holds and 1 Sell, Shopify has a Moderate Buy consensus rating. However, the analysts expect the share price to decline by 7% over the next 12 months, as the $888.79 average price target implies. (See Shopify stock-price forecast on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * Q2 Semiconductor Preview: What to Expect * Oppenheimer: These 2 "Strong Buy" Stocks Are Poised to Surge by Over 80% * Dynavax Teams Up With Mt Sinai On Universal Flu Vaccine * LendingTree Boosts Q2 Guidance; Analysts Raise Price Targets

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A look at the shareholders of CTI BioPharma Corp. (NASDAQ:CTIC) can tell us which group is most powerful. Institutions…

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F.N.B. Corporation (NYSE:FNB) defied analyst predictions to release its quarterly results, which were ahead of market…

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(Bloomberg) — Less than a month after emerging from bankruptcy triggered by a string of devastating wildfires in 2017 and 2018, PG&E Corp. has now been found responsible for California’s biggest blaze of 2019.The California energy giant’s power lines sparked the Kincade fire which burned 77,758 acres and destroyed 374 structures in Sonoma County wine country, the California Department of Forestry and Fire Protection, said Thursday.Investigators have sent a report on the incident to the Sonoma County District Attorney’s Office, only a month after PG&E pleaded guilty to 84 counts of involuntary manslaughter for a 2018 conflagration that was the most deadly in state history.Brandon Gilbert, an assistant to Sonoma County District Attorney Jill Ravitch, said his office recently received the reports and will start reviewing them. PG&E said it doesn’t have access to Cal Fire’s report or the evidence it collected.“We look forward to reviewing both at the appropriate time,” PG&E said in a statement.Long SuspectedPG&E’s equipment was long suspected of causing the Kincade fire that started on Oct. 23, as the utility had reported that one of its transmission lines malfunctioned near the location and time of the start of the blaze. The company said in May that it could book a loss of at least $600 million stemming from damages tied to the wildfire.“The report wasn’t a surprise to anybody,” said Kit Konolige, an analyst for Bloomberg Intelligence. “I don’t think a whole lot of people thought it would exonerate the company.”The Kincade fire likely won’t cause the same kind of financial trouble for PG&E as the string of catastrophic blazes in 2017 and 2018 that were blamed on its equipment and pushed it into bankruptcy more than a year ago. PG&E estimated liabilities from those fires at $30 billion. The company emerged from Chapter 11 at the start of this month after having settled claims from the earlier fires for $25.5 billion. The Kincade blaze wasn’t included in the bankruptcy settlement with victims.The shares gained 1.1% to $9.12 at 11:51 a.m. in New York.Cal Fire’s finding is certain to be of interest to the federal judge overseeing PG&E’s criminal probation stemming from a 2010 gas line explosion in San Bruno.LawsuitsU.S. District Judge William Alsup has threatened to impose deep and expensive changes to PG&E’s operations based on its involuntary manslaughter plea following the investigation of the origin of the Camp fire, which destroyed the town of Paradise. The prosecution was led by Butte County District Attorney Mike Ramsey, who concluded that the blaze was due to PG&E’s negligence, which he also tied to the Kincade fire.Even before Cal Fire’s report, PG&E faced lawsuits over Kincade. One of the suits, filed July 8 in Sonoma County Superior Court, was filed on behalf of a golf course, vineyards and a hotel damaged in the fire. The suit blames PG&E’s culture as the cause, claiming it failed to maintain aging equipment despite knowing it was unsafe.The fire started after PG&E had shut down other power lines in the area during windy and dry conditions. The measure was part of a number of intentional blackouts carried out by PG&E in October designed to keep its equipment from sparking another calamitous blaze.Mike Danko, a lawyer representing victims of the Camp fire in Paradise, California, in which PG&E pleaded guilty to involuntary manslaughter, said Cal Fire’s report was unsurprising. Danko is representing a number of individuals and businesses who lost property from the Kincade fire.“We knew that, just like the Camp fire, PG&E should have turned the transmission lines off, but didn’t,” he said, referring to the Kincade blaze. “The only question is, given what happened in Paradise, why did PG&E leave the transmission lines energized? Did it learn nothing at all?”(Updates with analyst comment in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Yahoo Finance’s On the Move panel discuss the latest headline making news stories.

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Every investor in Advanced Micro Devices, Inc. (NASDAQ:AMD) should be aware of the most powerful shareholder groups…

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Brown Advisory recently released its Q2 2020 Investor Letter, a copy of which you can download here. The Equity Income Fund posted a return of 18.29% for the quarter, underperforming its benchmark, the S&P 500 Index which returned 20.55% in the same quarter. You should check out Brown Advisory’s top 5 stock picks for investors […]

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