Seeking Alpha

Shopify -3.6% after downgrade on valuation

|About: Shopify Inc. (SHOP)|By:, SA News Editor

Guggenheim downgrades Shopify (NYSE:SHOP) from Buy to Neutral.

The firm says gains on the current valuation would need to be justified by earnings upside, which seems challenging.

SHOP shares are down 3.6% pre-market to $249.50. Shares are up nearly 87% YTD and 15% in the past month since the company reported a surprise Q1 profit.

Try Seeking Alpha PREMIUM for unlimited analysis on SHOP