The Globe and Mail reports in its Wednesday, July 19, edition that Evercore ISI analyst Mark Mahaney has lowered his recommendation for Shopify to "in line" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mahaney continues to target the shares at $69 (U.S.). Analysts on average target the shares at $62.45 (U.S.). The Globe says the risk reward outlook for Shopify is not impressing Mr. Mahaney. He says in a note: "Shares have surged almost 100 per cent year-to-date (though after declining 75 per cent in '22), are now trading at an intrinsically robust 11 times EV/Sales (with comps not clearly justifying a further rerating). ... We believe the year-to-date surge in Shopify shares -- driven by a stabilization in fundamentals, material new cost measures, and a strategic step-away from a fully integrated shipping/logistics -- is well warranted. But we see few clear catalysts going forward. Hence the downgrade." The Globe reported on April 28 that Citi rated Shopify "neutral" when it was worth $47.59 (U.S.). The Globe reported on June 21 that Oppenheim analyst Ken Wong had reaffirmed his "outperform" recommendation for Shopify. Its shares could then be had for $63.17 (U.S.).