SHOP - Is Shopify Stock Going to $77? 1 Wall Street Analyst Thinks So.
2024-05-15 05:20:00 ET
After suffering a 16% price drop over the past month, Shopify (NYSE: SHOP) stock is ice-cold on the market. Does that make the e-commerce facilitator an irresistible buy?
One analyst tracking the company certainly thinks so, even though he just took a big pair of scissors to his price target. Here's a look at the current state of Shopify, and whether its recent share price tumble makes it a buy on weakness.
In the wake of Spotify's first-quarter earnings release, Roth MKM's Darren Aftahi significantly reduced his price target over the next 12 months on the stock to $77 per share from the preceding $89 target. Crucially, though, he maintained his buy recommendation. The new target still implies a 31% jump from the current price.
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Is Shopify Stock Going to $77? 1 Wall Street Analyst Thinks So.