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SHOP - Is Shopify Stock Going Back to $90? 1 Wall Street Analyst Thinks So.
Shopify Inc. Class A Subordinate
2024-05-09 11:54:00 ET
There's no sugarcoating it. Shopify (NYSE: SHOP) got clobbered after releasing its earnings report on Wednesday.
The e-commerce software superstar posted solid first-quarter results, but its guidance for the second quarter was a bit light of what Wall Street expected, and investors responded by doing what they do to growth stocks that miss expectations. The stock plunged roughly 20%.
However, one Wall Street firm reaffirmed its bullish view on the stock even after the disappointing guidance.