Out of all 52 analysts covering SHOP, we see one as having a 'strong sell' rating, one as a 'sell', 20 at 'hold', 20 at 'buy', and 10 at 'strong buy'.
The average price target is $162. We did see a price target downgrade from DZ Bank, but over the past couple of weeks mostly price target increases.
A few of the price target downgrades were largely due to valuation concerns, as it trades at a 79X forward earnings multiple.
We view valuation as quite important, but we also have seen many stocks that were once a 100X or more forward P/E go on a significant price run, as its fundamentals outgrew its valuation. For example, a stock growing its earnings at 100% a year can see its price go up 50% a year, and still have its valuations contract. We continue to like SHOP here.