Why Shopify Stock Got Clobbered Early Monday
Shares of Shopify (NYSE: SHOP) slumped Monday morning, falling as much as 6.5%. As of 11:47 a.m. ET, the stock was still down 3.7%.
The catalyst that sent the e-commerce purveyor lower was bearish commentary by a Wall Street analyst.
KeyBanc analyst Josh Beck lowered his price target on Shopify from $50 to $45 while simultaneously maintaining his overweight (buy) rating on the stock, according to The Fly. The revised price target still represents potential gains for investors of more than 51% compared to Friday's closing price.
Source Fool.com
