The Ratings Game: Shopify stock looks ‘relatively expensive’ after strong rally, analyst says in downgrade

May 9, 2023

Shopify Inc. shares have rallied 36% since the company announced it would be selling its logistics unit last week, and the name now looks “relatively expensive” in the view of one analyst.

Atlantic Equities’ Kunaal Malde downgraded Shopify’s stock SHOP to neutral from overweight Tuesday, citing concerns about its valuation.

“The gross profit…

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