UPDATE: Evercore ISI Upgrades Shopify (SHOP) to Outperform

Evercore ISI analyst Mark Mahaney upgraded Shopify (NYSE: SHOP) from In Line to Outperform with a price target of $1,770.00.

The analyst comments "We are upgrading SHOP to Outperform with a $1770 PT based on four key opinions: 1) The Stock is Dislocated; 2) This is a High Quality Fundamentals Asset; 3) This is a High Quality Asset in terms of Growth Opportunities and Option Value; & 4) Evidence of Momentum in the “Arming of the Rebels."

For an analyst ratings summary and ratings history on Shopify click here. For more ratings news on Shopify click here.

Shares of Shopify closed at $1368.08 yesterday.

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