SHOP - Why Is Shopify Stock Trading Lower Wednesday? | Benzinga
Shopify Inc (NYSE: SHOP) stock is trading lower Wednesday after Wedbush analyst Ygal Arounian downgraded the stock from Outperform to Neutral and raised the price target from $66 to $68. The re-ratings followed the Shopify's Investor Day.
Oppenheimer analyst Ken Wong reiterated an Outperform with a price target of $80.
Wong walked away from Shopify's Investor Day more confident that management will pursue durable growth in a disciplined manner and remain committed to margin expansion.
Despite reducing marketing spending, the development of new merchants motivated the analyst.
Shopify highlighted positive competitive trends, showing share gains across customer segments.
Management listed payment penetration, new product adoption, pricing, and monetization as tailwinds to attach rate, with large enterprise volume, offline, and international as dampeners.
Wong projected Q4 revenue and EPS of $2.0 billion and $0.32.
Needham analyst Anna Andreeva reiterated a Hold rating.
Uniquely positioned at the intersection of ...