The Globe and Mail reports in its Wednesday edition that Citi analyst Tyler Radke has reaffirmed his "neutral" recommendation for Shopify. The Globe's David Leeder writes in the Eye On Equities column that Mr. Radke swung an axe at his share target, chopping it back by $15 to $62 (all figures U.S.). Analysts on average target the shares at $66.14. Mr. Radke tweaked his share target back because of a "softening" consumer backdrop. Citi analyst Tyler Radke lowered his estimates for Shopify Inc. ahead of the release of the company's third quarter results on Nov. 2. Mr. Radke says in a note: "With uncertainty around interest rate hikes and cracks beginning to form in the U.S. consumer health profile, we are cautious on Shopify heading into FQ3 earnings due to its sensitivity to consumer discretionary budgets and higher SMB [small and medium-sized business] exposure. We remain positive on the ability for Shopify to benefit from long-term consolidation in front office/commerce software and as e-commerce steadily gains more wallet share of overall retail spending." Mr. Radke notes that Shopify's valuation is "still near the top of its peer group range." As well, Mr. Radke sees a "tougher macro setup" ahead.