SHOP - Why Shopify Stock Suddenly Soared Today
2024-02-02 13:35:13 ET
Shares of Shopify (NYSE: SHOP) jumped as much as 7.7% higher on Friday morning, buffed by a bullish research report from analysts at Wells Fargo .
Wells Fargo analyst Andrew Bauch reaffirmed his overweight rating on the e-commerce services stock while lifting the price target from $80 to $90 per share. In a note to clients, Bauch said that a robust holiday shopping season was already baked into Shopify's stock price. In order to go higher from here, he's looking for product updates and long-lasting profit margin improvements.
Investors were quick to embrace this optimistic analysis, taking Shopify's stock back to prices not seen since the start of 2022 -- the early days of the inflation crisis.
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Why Shopify Stock Suddenly Soared Today