Shopify assumed with a Neutral at DA Davidson

DA Davidson analyst Gil Luria assumed coverage of Shopify with a Neutral rating and $34 price target. The analyst states that he sees a long runway of growth for the company, though he prefers to get closer to a bottoming out of e-commerce growth before turning more positive on the stock. Luria further states that the current trends towards travel, leisure and value do not bode well for typical Shopify merchants, which warrants his short-term caution on shares.