Shopify price target lowered to $62 from $69 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the firm’s price target on Shopify to $62 from $69 and keeps a Hold rating on the shares. While the company reported a better than expected Q2, the firm’s price target cut reflects the review of its periodic relative valuation analysis, the analyst tells investors in a research note. Loop added that it is awaiting a more attractive entry point to become more constructive on the stock.