Shopify shares rose 1.2 per cent Wednesday, paring some gains from earlier in the day, after winning over one more analyst.
JMP Securities upgraded the e-commerce company to market outperform from market perform and set a US$65 price target. The target implies a 45 per cent upside from where the stock closed Tuesday at nearly US$45 per share.
“Shopify is the leader in commerce enablement and continues to take share,” JMP Securities analyst Andrew Boone wrote in a note Wednesday, adding that “there is room for greater” costs cutting.
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