Shopify Inc (NYSE:SHOP) is trading lower Tuesday following bearish analyst coverage from Keybanc.
Keybanc analyst Josh Beck maintained Shopify with an Overweight rating and lowered the price target from $1750 to $1250.
Beck said he lowered the price target on the stock “to better reflect market conditions.” The Keybanc analyst expects 2022 revenue growth to be in the low-30% range.
Beck also cited multiple risks that could hold Shopify shares back from reaching estimates including “competition, ability to maintain economic terms with third-party partners, marketing efficiency, platform reliability and security, investment requirements, and macroeconomic and market conditions.”
Shopify offers an e-commerce platform primarily to small and midsize businesses, helping merchants to market and manage their businesses.
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SHOP Price Action: Shopify has traded as low as $780 and as high as $1762 over a 52-week period.
The stock was down 8.19% at $863.39 at time of publication.
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