Evercore ISI upgrades Shopify to Outperform

Shopify's (SHOP) stock has been boosted after Evercore ISI's Mark Mahaney upgraded his rating on the e-commerce company. The analyst raised his recommendation to Outperform from In Line, citing an attractive entry point for investors following a slight decline in the share price. This positive sentiment from Mahaney sent Shopify's shares higher during Friday's trading session.

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This post was written by Angel Smith

Video transcript

All right, let's get to our call of the day.

Check out Sheriff of Shopify, they are on the rise is coming after a new note from Evercore.

I si upgrading the name to outperform from in line and this is ever core's Mark Mahaney.

Of course, well known, well respected analys to folks pay attention to Mahaney does upgrade this one to outperform price target.

75 says there's been this pull back on this one and, and the stock is down about 12% this year.

And that offers Mahany telling his clients an attractive entry points, his valuation and estimates he thinks now sufficiently de risk.

Yeah.

And he's looking at the long term here when he's looking at the stock, he says there is a very resilient long thesis and he talks about a couple of things that support it.

He talks about the very large total addressable market, strong competitive position, up market activity and clear track record of successful product innovation.

So he's got a lot of reasons he likes it.

He was just sort of waiting.

It sounds like for this entry point with the stock.

I mean, it's come back a little bit lately as you can see from that chart, but also still is kind of week, year to date.

Yeah, maybe not, not on an island.

Most of the financial analysts come this name do think it's a buy.

Yes, we'll see if it goes to that $75 price target.