SHOP - What's Going On With Shopify Stock Tuesday? | Benzinga
Shopify Inc (NYSE:SHOP) shares are trading narrowly higher Tuesday after JPMorgan initiated coverage on the stock suggesting further upside from current levels.
What Happened: JPMorgan analyst Reginald Smith initiated coverage on Shopify with an Overweight rating and announced a price target of $74 as the analyst anticipates continued industry-leading growth from the e-commerce company. Given the recent decline in shares, Smith sees a buying opportunity in Shopify stock.
Shopify shares are down about 19.1% year-to-date. A large part of the decline took place in early May when Shopify beat analyst estimates for the first quarter, but issued a cautious second-quarter outlook.
Several analysts have weighed in on the stock since that time with 12-month price targets ranging from ...