Shopify price target lowered to $146 from $180 at JPMorgan

JPMorgan lowered the firm’s price target on Shopify (SHOP) to $146 from $180 and keeps an Overweight rating on the shares post the QW report. The firm says Shopify’s volume and revenue beat was “not enough to break through broader negative sentiment in application software and payments.” However, it believes the company’s volume and gross profit growth “remain robust.” JPMorgan says Shopify’s growth trends “remain strong and the thesis that AI will displace Shopify feels less formulated.”