Shopify price target lowered to $62 from $77 at Citi

Citi lowered the firm’s price target on Shopify to $62 from $77 and keeps a Neutral rating on the shares. The firm says that with uncertainty around interest rate hikes and “cracks beginning to form” in the U.S. consumer health profile, it is cautious on Shopify heading into the fiscal Q3 earnings report due to the company’s sensitivity to consumer discretionary budgets and higher small business exposure. Citi says the stock’s valuation is still near the top of its peer group range.