Shopify shares are trading higher after Citigroup upgraded the stock from Neutral to Buy and raised its price target from $93 to $105.
Portfolio Pulse from Benzinga Newsdesk
Shopify's stock price increased following an upgrade by Citigroup from Neutral to Buy, with a new price target set at $105, up from $93.
April 29, 2024 | 12:39 pm
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POSITIVE IMPACT
Shopify's stock is experiencing a positive movement after Citigroup upgraded the stock to Buy from Neutral and increased the price target to $105.
Analyst upgrades typically lead to positive short-term price movements as they reflect a positive change in the stock's outlook. The increase in Shopify's price target by Citigroup suggests a stronger confidence in the company's future performance, likely leading to increased investor interest and a potential rise in stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100