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    Glencore Pays up to $1.5B to Resolve Corruption Claims

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    Asian Shares Mostly Lower as Inflation Worries Cloud Outlook

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    Gap stock drops as Old Navy’s struggles sink sales and outlook

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    Molina Healthcare (NYSE:MOH) Stock Price Down 3.5% Following Analyst Downgrade

    Snowflake stock slides after earnings as company says macro issues are impacting some customer activity

    Snowflake stock slides after earnings as company says macro issues are impacting some customer activity

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    Workday stock drops after earnings miss, slightly higher outlook

    Gilead Sciences Inc. stock falls Thursday, underperforms market

    Gilead Sciences Inc. stock falls Thursday, underperforms market

    NVIDIA (NASDAQ:NVDA) Shares Gap Down After Analyst Downgrade

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    Nutanix stock dives more than 30% after earnings include poor forecast

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    Corus Entertainment 4Q Profit Falls

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    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

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    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

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    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    CN Rail Stock Is So Undervalued That it’s Absurd

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Shopify stock downgraded on valuation concerns

Editorial Staff by Editorial Staff
November 16, 2021
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Shopify stock downgraded on valuation concerns

Loop Capital analyst Anthony Chukumba downgraded Shopify’s stock to hold from buy Monday, writing that his rating change is “based on Shopify’s valuation, as opposed to a more bearish view of the company’s fundamentals.” He still sees Shopify as “well positioned for the secular shift to e-commerce” and is “impressed by the company’s laser focus on eliminating merchant pain points and continuous innovation.” At the same time, he argues that Shopify’s current valuation is “in line with our bullish outlook” given that shares are trading at 34.1 times his 2022 revenue estimates. “We would await a more attractive entry point before becoming more constructive on the stock again-and given the high volatility in the stock price…we may not have to wait very long,” Chukumba wrote, while keeping a $1,600 price target on the stock. Shopify shares are up 47% so far this year as the S&P 500 SPX, 0.39% has risen 25%.

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