Why Shopify Stock Got Rocked on Tuesday
Shares of Shopify (NYSE: SHOP) slipped on Tuesday, falling as much as 6.5%. At the end of the trading session, the stock was still down 6%.
While a downdraft in the broader market no doubt contributed to the stock's decline, the specific catalyst that sent the e-commerce company lower was a Wall Street analyst who moderated his views regarding Shopify's growth prospects.
Morgan Stanley (NYSE: MS) analyst Keith Weiss lowered his price target on Shopify from $44 to $40 while simultaneously maintaining his equal weight (hold) rating on the stock, according to The Fly. This still suggests an upside of 21% for shareholders compared to Monday's closing price.
Source Fool.com
