Evercore ISI lowered the firm’s price target on Shopify (SHOP) to $135 from $170 and keeps an Outperform rating on the shares. The firm said the lowered price target comes in the wake of the “beat and mixed” Q4 earnings results. However, the firm views the Long Thesis on Shopify as well intact on a fundamentals level, though it acknowledges the still elevated valuation risk.
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