After suffering a 16% price drop over the past month, (NYSE: SHOP) stock is ice-cold on the market. Does that make the e-commerce facilitator an irresistible buy?

One analyst tracking the company certainly thinks so, even though he just took a big pair of scissors to his price target. Here's a look at the current state of Shopify, and whether its recent share price tumble makes it a buy on weakness.

In the wake of Spotify's first-quarter earnings release, Roth MKM's Darren Aftahi significantly reduced his price target over the next 12 months on the stock to $77 per share from the preceding $89 target. Crucially, though, he maintained his buy recommendation. The new target still implies a 31% jump from the current price.

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Source Fool.com