Barclays Maintains Equal-Weight on Shopify, Raises Price Target to $70
Portfolio Pulse from Benzinga Newsdesk
Barclays analyst Trevor Young has maintained an Equal-Weight rating on Shopify (NYSE:SHOP) and increased the price target from $53 to $70.
January 18, 2024 | 10:20 am
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Barclays has maintained an Equal-Weight rating on Shopify and raised the price target from $53 to $70, indicating a positive outlook on the stock.
The increase in price target by Barclays reflects a more optimistic valuation of Shopify's stock, which could lead to increased investor confidence and a potential short-term rise in the stock price. The Equal-Weight rating suggests that Barclays views the stock as fairly valued at the current level, but the raised target implies that there may be some room for growth.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100