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Published on 22 May 2024 on Benzinga

Why Is Shopify Stock Trading Higher On Wednesday? - Shopify (NYSE:SHOP)

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Shopify Inc 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 noted that Shopify is down 23% year-to-date (versus Nasdaq +14%) due to an investment cycle weighing on margin expansion in 2024 and more mixed consumer spending data points.

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NYSE.SHOP price evolution

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