DA Davidson upgrades Shopify on recent pullback on shares

DA Davidson analyst Gil Luria last night upgraded Shopify to Buy from Neutral with an unchanged price target of $50. The analyst believes the over 20% selloff post earnings has created an attractive entry point. Current consensus estimates could prove conservative and a return to small losses "is a fleeting issue," the analyst tells investors in a research note. The firm views the opportunity for Shopify Audiences as underappreciated and is "encouraged" by Shopify’s competitive positioning in the mobile market. It sees Shopify as one of the most important software companies.