Shopify Inc (NYSE:SHOP) shares are up about 5% Tuesday amid positive analyst coverage including an upgrade to Buy from BofA.
What Happened: BofA Securities analyst Brad Sills upgraded Shopify from Neutral to Buy and raised the price target from $78 to $82.
Separately, Wolfe Research analyst Shweta Khajuria initiated coverage on Shopify with an Outperform rating and set a price target of $80.
BofA and Wolfe Research join a growing list of analysts to issue positive updates on Shopify stock in the last month. Citigroup maintained a Buy rating and raised its price target to $96 at the end of June. Evercore ISIS upgraded Shopify to Outperform last month and set a price target of $75 and JPMorgan initiated coverage with an Overweight and price target of ...