Why Shopify Stock Slipped Today

Shares of supposed growth stock Shopify (NYSE: SHOP) didn't grow in Thursday trading, closing the day down 3%. That probably surprised a lot of investors -- because Shopify stock got upgraded today.

In an early morning note, Evercore ISI raised its rating on Shopify stock to outperform and set a $1,770 price target on the stock -- a full $200 higher than the price Goldman Sachs had assigned Shopify stock just three days ago. In Goldman's note, the banker had praised Shopify as a stock "well positioned for the long term" but likely to suffer from weak sales and higher costs in the short term as Shopify upgrades its platform to improve customer experience.

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Source Fool.com