Why Shopify Stock Popped by Nearly 5% Today
One of the best and most immediate boosts for a stock is a meaty price target increase by an analyst. That was the case with Shopify (NASDAQ: SHOP) on Monday, as such a lift helped improve investor sentiment on the online commerce facilitator. Its share rose by almost 5% that trading session as a result.
The researcher responsible for that increase was Cantor Fitzgerald, which now believes Shopify can reach $158 per share. Previously, its fair value assessment was $145. Cantor Fitzgerald didn’t become notably more bullish because of this, however, as it maintained its neutral recommendation on the stock.
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