Shopify price target lowered to $120 from $150 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the firm’s price target on Shopify (SHOP) to $120 from $150 but keeps a Buy rating on the shares. The firm’s updated quarterly survey of current Shopify merchants shows feedback that largely worsened sequentially, which could be an early sign of a looming recession, though even if Shopify’s top-line growth slows this year, its operating and free cash flow margins will expand due to the company’s increased utilization of AI, the analyst tells investors in a research note.