Why Shopify Stock Suddenly Soared Today
Shares of (NYSE: SHOP) jumped as much as 7.7% higher on Friday morning, buffed by a bullish research report from analysts at Wells Fargo.
Wells Fargo analyst Andrew Bauch reaffirmed his overweight rating on the e-commerce services stock while lifting the price target from $80 to $90 per share. In a note to clients, Bauch said that a robust holiday shopping season was already baked into Shopify's stock price. In order to go higher from here, he's looking for product updates and long-lasting profit margin improvements.
Investors were quick to embrace this optimistic analysis, taking Shopify's stock back to prices not seen since the start of 2022 -- the early days of the inflation crisis.
Source Fool.com
Shopify Inc Stock
€56.32
0.810%
Currently there is a rather positive sentiment for Shopify Inc with 4 Buy predictions and 0 Sell predictions.
As a result the target price of 75 € shows a positive potential of 33.17% compared to the current price of 56.32 € for Shopify Inc.
