SHOP - Why Shopify Stock Rallied on Thursday
2024-02-08 13:47:12 ET
Shares of Shopify (NYSE: SHOP) turned higher on Thursday, climbing as much as 7.4%. As of 1:45 p.m. ET, the stock was still up roughly 3%.
While the broader market updraft likely added fuel to its ascent, the e-commerce platform provider was also on the receiving end of some positive commentary from a Wall Street analyst.
Analysts at Citi raised their price target on Shopify to $96, up from its previous level of $87. This represents potential gains for investors of roughly 13% compared to Wednesday's closing price. Before you get too excited, Citi maintained its neutral (hold) rating on the stock, which was closing in on the previous price target when the market closed yesterday.
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Why Shopify Stock Rallied on Thursday