tl;dr
Piper Sandler has downgraded Piper Sandler to underweight from neutral, citing its "untenable valuation." The firm has also lowered its price target to $56 from $58, representing approximately a 24% downside based on Monday's close. Analyst Clarke Jeffries emphasized that macro, execution, or near-t...
Piper Sandler has downgraded Piper Sandler to underweight from neutral, citing its "untenable valuation." The firm has also lowered its price target to $56 from $58, representing approximately a 24% downside based on Monday's close. Analyst Clarke Jeffries emphasized that macro, execution, or near-term demand did not factor into his downgrade. Furthermore, he expressed concerns that while Shopify is a "commerce platform juggernaut," the company's "growth & profit assumptions embedded in shares today are too aggressive based on our market understanding." Jeffries added that he believes continued low-double digit to mid-teens ecommerce growth with share gains are fueling high-teens to 20% growth for Shopify over the medium term.
More about Shopify Inc
Shopify Inc. is a commerce company that offers a commerce and service platform in several countries, including Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's stock performance has shown a decrease of 0.9% with a market sentiment of 5.2. The company's market capitalization is $90,347,684,000, with a total volume of 6,650,864,000 shares. The stock is currently trading at $67.79 with a relative strength index (RSI) of 4.858 and a Bollinger Bands value of 0.255. It is important to note that past market behavior is not always a reliable indicator of future performance, and there may be potential risks or uncertainties associated with this analysis.
Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.