Shopify’s stock has had a monster 2023, but this analyst says that run may be up

Shopify Inc.’s stock has more than doubled thus far in 2023, but a Piper Sandler analyst is skeptical that it can continue its monster run.

Piper’s Clarke Jeffries downgraded Shopify’s stock SHOP to underperform from neutral Tuesday, warning of an “untenable valuation” in light of “too aggressive” expectations for growth and profit going forward.


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