On July 21, Shopify declined 3.1% in regular trading, trading at 122.78 USD/share, with turnover of $146 million.
On the news front, Rothschild & Co Redburn downgraded Shopify from Buy to Neutral and lowered its price target from $160 to $130, breaking the recent consensus bullish outlook and pressuring short-term sentiment. Previously, multiple institutions had upgraded the stock in quick succession — Stifel raised its rating from Hold to Buy, Jefferies upgraded to Buy with a $160 target, and CIBC maintained an Outperform rating with a $185 target. The downgrade marks the first notable bearish shift amid this wave of upgrades.
According to FactSet, the analyst consensus mean price target stands at $150.27, still above the current trading level. Shopify is scheduled to report second-quarter earnings before markets open on August 5, with consensus EPS expectations at $0.28. The upcoming results may serve as the next major catalyst for the stock.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)