Why Shopify Stock Popped Today
Shares of Shopify (NYSE: SHOP) leaped 8.8% on Monday, following positive analyst commentary.
Deutsche Bank analyst Bhavin Shah raised his rating on Shopify's stock from hold to buy. He now sees the e-commerce platform's share price climbing nearly 14% to $50, up from a prior forecast of $40.
Shah's industry checks bode well for the growth of Shopify Plus. Shah believes that the high-end, enterprise-level version of Shopify's digital retail platform is gaining traction among larger brands. So much so that Shah thinks Shopify's customer growth could reaccelerate markedly in the coming quarters.
Source Fool.com
