Shopify (SHOP) stock surged 5.06% in intraday trading on Tuesday, outperforming the broader market. The e-commerce giant's shares rallied following a positive signal from a major Wall Street firm.
Goldman Sachs reaffirmed its Buy rating on Shopify, according to analyst ratings compiled by Benzinga. This vote of confidence from one of the most influential investment banks likely contributed to the significant uptick in Shopify's stock price. While the details of Goldman Sachs' analysis were not immediately available, the maintained Buy rating suggests ongoing optimism about Shopify's business prospects and potential for growth.
The surge in Shopify's stock also comes amid a generally positive day for Canadian markets. TSX futures were up 1% in early trading, buoyed by rising oil and gold prices. However, it's worth noting that Shopify is facing a potential data privacy class action suit after a U.S. appeals court revived a case against the company. Despite this legal challenge, investors appear to be focusing on the positive analyst sentiment and Shopify's overall market position in the e-commerce sector.
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