Shopify (NYSE:SHOP) stock is on the rise Monday after getting positive analyst coverage from Citigroup this morning.
That starts with the firm’s analysts increasing their price target for SHOP stock from $93 per share to $105 per share. That’s a potential 47.2% upside from the stock’s prior closing price. It’s also well above the analysts’ consensus price prediction of $78.62 per share.
To go along with that, the Citi analysts increased their rating for SHOP stock from “neutral” to “buy.” That’s more bullish than the analysts’ consensus rating of hold based on 36 opinions.
Why the Bull Stance on SHOP Stock?
Here’s what the Citi analysts had to say about Shopify in a note to clients obtained by CNBC.
“Upgrading Shopify to Buy/High-Risk and raising Target Price to $105. In this note, we outline our confidence in near-term results following a recent round of conference visits/channel checks which highlight a more resilient e-commerce backdrop and accelerated share gains up market.”
SHOP stock is up 1.7% as of Monday morning with more than 2.4 million shares traded. That’s still below the company’s daily average trading volume of about 9.2 million shares.
Investors who are seeking out even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Monday! That includes what’s going on with shares of Baidu (NASDAQ:BIDU) stock, Deciphera Pharmaceuticals (NASDAQ:DCPH) stock and Domino’s (NYSE:DPZ) stock today. All of that news is ready to go at the links below!
More Stock Market News for Monday
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- DPZ Stock Analysis: Why Domino’s Is Heating Up 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.
