Shopify downgraded to Hold from Buy at Jefferies

Jefferies analyst Samad Samana downgraded Shopify to Hold from Buy with a $40 price target. While his multi-year "blue-sky" thesis remains viable, Samana sees a slowdown in e-commerce and Shopify’s "massive" capital expense cycle limiting upside beyond his price target, he tells investors. He sees the e-commerce group as a "better to revisit" in the second half, the analyst added.