Why Is Shopify Stock Trading Higher On Wednesday?
Portfolio Pulse from Anusuya Lahiri
Shopify Inc (NYSE:SHOP) shares are trading higher after Goldman Sachs analyst Gabriela Borges upgraded the stock from Neutral to Buy and raised its price target from $67 to $74. Borges cited Shopify's significant technology moat in eCommerce software and potential for durable revenue growth as key reasons for the upgrade.
May 22, 2024 | 3:53 pm
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Goldman Sachs upgraded Shopify Inc (NYSE:SHOP) from Neutral to Buy and raised its price target from $67 to $74, citing the company's strong technology moat in eCommerce software and potential for durable revenue growth.
The upgrade from a reputable analyst at Goldman Sachs and the raised price target are likely to positively impact Shopify's stock price in the short term. The analyst's confidence in Shopify's technology moat and growth potential adds credibility to the upgrade.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100