Shopify -2% after Morgan Stanley cut

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

Shopify (NYSE:SHOP) is down 1.71% in premarket trading after Morgan Stanley lowers its rating to Underweight from a prior stance of Equal-weight.

The MS analyst team sees Shopify as overvalued at its current level.

The firm sets a price target of $209 on Shopify to rep 17% downside potential.

Subscribe for full text news in your inbox