CIBC lowered the firm’s price target on Shopify (SHOP) to $185 from $200 and keeps an Outperformer rating on the shares. The company’s “strong” Q4 and above-consensus Q1 outlook reinforce that its fundamentals remain intact “despite the near-term margin noise,” the analyst tells investors in a research note. CIBC views the post-earnings selloff in the shares as overdone. It reiterates Shopify as a top pick.
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