Shopify shares are trading higher after Morgan Stanley upgraded the stock from Equal-Weight to Overweight and raised its price target from $74 to $85.
Portfolio Pulse from Benzinga Newsdesk
Shopify's stock price increased following an upgrade by Morgan Stanley from Equal-Weight to Overweight, with a new price target set from $74 to $85.
April 19, 2024 | 10:32 am
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POSITIVE IMPACT
Shopify's stock is likely to experience a positive short-term price movement following the upgrade by Morgan Stanley from Equal-Weight to Overweight and an increase in the price target from $74 to $85.
Upgrades by major financial institutions like Morgan Stanley typically lead to increased investor confidence and can drive up the stock price in the short term. The raise in price target further signals a strong bullish outlook on the stock, likely attracting more buyers.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100