Shopify upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler analyst Clarke Jeffries upgraded Shopify to Neutral from Underweight with a $63 price target. Following Q1 results, the analyst felt that profit expectations and valuation were “more rightsized,” adding that growth/take-rate expectations could still moderate, but not enough to keep the firm Underweight. Piper believes that with Q1 results & Q2 guidance on operating expenditures, “expectations exiting this quarter will be more-or-less properly reset.”