Piper Sandler Downgrades Shopify to Underweight, Lowers Price Target to $56
Portfolio Pulse from Benzinga Newsdesk
Piper Sandler analyst Clarke Jeffries has downgraded Shopify (NYSE:SHOP) from Neutral to Underweight and reduced the price target from $58 to $56, indicating a bearish outlook on the company's stock.
November 28, 2023 | 11:33 am
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Shopify's stock rating has been downgraded by Piper Sandler from Neutral to Underweight with a price target decrease from $58 to $56, suggesting potential downside.
Analyst downgrades typically lead to negative sentiment among investors and can result in a short-term decline in stock price. The reduction in price target further reinforces the bearish stance, likely leading to a negative impact on Shopify's stock in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100