TECH - Why Is Shopify Stock Trading Higher On Wednesday? | Benzinga
Shopify Inc (NYSE:SHOP) shares are trading higher after Goldman Sachs analyst Gabriela Borges upgraded the stock from Neutral to Buy and raised its price target from $67 to $74.
Borges noted that Shopify is down 23% year-to-date (versus Nasdaq +14%) due to an investment cycle weighing on margin expansion in 2024 and more mixed consumer spending data points.
Over the medium term, Shopify expects its incremental marketing activities to drive meaningful returns after diversifying from paid search in 2023.
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