As previously reported, Wolfe Research downgraded Shopify (SHOP) to Peer Perform from Outperform and removed the firm’s prior $185 price target citing four reasons. Those include what the firm sees as elevated expectations that leave modest room for upside; what it sees as modest upside to margins; Agentic Commerce promise that it says seems priced in; and a valuation that “looks full” after a re-rating over the last two years.
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