Why Shopify Stock Jumped Today
Shares of Shopify (NYSE: SHOP) have jumped to all-time highs today, up by 5% as of 12:50 p.m. EDT, after getting a bullish initiation from Wall Street. Argus kicked off coverage of the e-commerce company with a buy rating alongside a $1,050 price target. Analyst Jim Kelleher notes that physical retailers have been struggling for years, and the COVID-19 pandemic has underscored the need for small and medium-sized businesses to expand their online presences and sales channels.