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Shares of e-commerce company Shopify Inc (NYSE:SHOP) are trading higher after Evercore ISI analyst Mark Mahaney upgraded the stock from In-Line to Outperform rating and announced a price target of $75.
Mahaney noted that a 30% pullback in the stock from the 52-week high has provided an attractive entry point into owning a best-in-class e-commerce platform business.
The analyst said Shopify’s very large Total Addressable Market (about $850 billion TAM), very strong competitive position, and upmarket opportunity show that the shares have a resilient long thesis.
The analyst believes Shopify …
Full story available on Benzinga.com
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