Shopify’s 100% Runup Evokes Visions of Nortel Index Dominance
- Company could dominate Canadian index, Credit Suisse says
- Nortel made up 35% of benchmark in 2000; Shopify is 5.3%
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Shopify Inc.’s potential Amazon.com Inc.-like trajectory could result in an index weight “reminiscent of Nortel in 2000,” Credit Suisse wrote in a note.
The Canadian e-commerce company has already become the biggest stock in the S&P/TSX Composite Index on a market-cap basis after more than doubling this year. Its index weighting of 5.3% is the second largest, after Royal Bank of Canada.