Shopify price target lowered to $57 from $62 at Loop Capital

Loop Capital lowered the firm’s price target on Shopify to $57 from $62 and keeps a Hold rating on the shares. The firm citing the findings from its quarterly survey of over 500 current Shopify merchants which indicated “several concerning signs” including declines in sales channel utilization, Merchant Solutions engagement, sales trends feedback, and merchant value perception. Loop Capital adds that the recent high-profile housecleaning at Shopify Fulfillment Network operator Flexport may be “exacting a significant toll”.