Analyst Gene Munster from Piper Jaffray maintained his Overweight rating on Shopify Inc (NYSE:SHOP).

Munster expects Shopify to outperform revenue expectations by mid-to high-single digits in the second quarter earnings release. He notes that investor expectations “for a continued large beat-and-raise pattern” is a big risk for Shopify’s shares.

The analyst reiterates his confidence in the company’s long-term prospects as an eCommerce distribution platform for small merchants. He adds that Shopify Plus, a new Shopify platform, should help the company in breaking into the larger scale merchant market. Munster also addresses investors biggest concern by stating that the Brexit and the FX impact on Shopify is “negligible” even though the UK makes up 7.5% of the company’s revenue.

According to TipRanks, Munster has a success rate of 61% with an average return of 16.1% per recommendation. He is ranked #10 out of 4,058 analyst.