Shopify (NYSE:SHOP) stock is on the move Wednesday following a price target and new rating from JP Morgan analyst Andrew Boone.
Starting with that price prediction, Boone expects SHOP stock to climb to $65 per share. That represents a potential 45.1% increase compared to the stock’s prior closing price. It’s also above the analysts’ consensus price target of $47.90 per share.
To go along with that price target, the JP Morgan analyst also upgrade SHOP stock from a “market perform” to an “outperform” rating. That’s bullish next to the analysts’ consensus rating of “hold” based on 35 opinions.
What’s Behind the Bullish SHOP Stock Rating
Boone said the following about SHOP stock in a note to clients obtained by CNBC:
“After analyzing the OpEx structure across the website builders, assessing third-party website traffic data, and speaking to professional website developers across these platforms, we are reaffirming our view that Shopify is the leader in commerce enablement and continues to take share.”
Considering the recent trouble the tech sector has gone through due to inflation, it’s heartening to see a positive stance on SHOP stock. Investors seem to agree with that sentiment as the e-commerce company’s shares are up 4.9% during pre-market trading on Wednesday. Also, the stock is up 25.5% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
We’ve got all of the most recent stock market news traders need to know about on Wednesday! Among that is what has shares of National CineMedia (NASDAQ:NCMI), PLx Pharma (NASDAQ:PLXP), and Altamira Therapeutics (NASDAQ:CYTO) stock moving today. We’ve got all that news read to go below!
More Wednesday Stock Market News
- Why Is National CineMedia (NCMI) Stock Up 75% Today?
- Why Is PLx Pharma (PLXP) Stock Down 32% Today?
- Why Is Altamira Therapeutics (CYTO) Stock Up 64% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
