Loop upgrades Shopify, says stock can jump back near its February highs

In this photo illustration the logo of Canadian e-commerce company Shopify Inc. is displayed on a smartphone.
Thomas Trutschel | Getty Images

Shopify is still on track for strong growth in the years ahead despite recent weakness in its stock, according to Loop Capital Markets.

The Canadian e-commerce company was one of the biggest beneficiaries of the pandemic, as the forced adoption of online shopping accelerated its growth. Analyst Anthony Chukumba upgraded the stock on Tuesday to buy from hold, saying in a note to clients that there is still more room to expand.

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