Shopify Inc (NYSE:SHOP) is trading higher Thursday morning after Evercore ISI analyst Mark Mahaney upgraded the stock from an In-Line rating to an Outperform rating.
Mahaney has a $1,770 price target on Shopify. The Evercore ISI analyst thinks the stock is dislocated. After falling about 20% from its highs, the stock is trading at an attractive forward multiple.
He referred to Shopify as a high quality fundamentals asset in terms of growth opportunities and option value. Mahaney also pointed to evidence of momentum in the stock.
See Also: Check Out What Whales Are Doing With SHOP
Shopify offers an e-commerce platform primarily to small and midsize businesses. The firm operates in two segments: subscription solutions and merchant solutions.
SHOP Price Action: Shopify has traded as high as $1,762.91 and as low as $1,005.14 over a 52-week period.
The stock was up 3.80% at $1,420 at time of publication.
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