The Globe and Mail reports in its Wednesday, Nov. 29, edition that Piper Sandler analyst Clarke Jeffries has lowered his recommendation for Shopify to "underweight" from "neutral," seeing "an untenable valuation." The Globe's David Leeder writes in the Eye On Equities column that Mr. Jeffries gave his share target a $2 (U.S.) trim to $56 (U.S.). Analysts on average target the shares at $67.74 (U.S.). Mr. Jeffries says in a note: "We believe the assumptions embedded in shares today are too aggressive based on our market understanding. While macro, execution, or near-term demand are not catalysts for our rating change, we believe fundamentals are set to moderate in 2024 as the company clears events unique to 2023. ... Shares have substantially outperformed this year; catalyzed by the exit of the logistics business and newfound emphasis on profitability. ... The company is clearly a commerce platform juggernaut with two million-plus merchants powering $200-billion-plus of GMV while growing top line more than 20 per cent. However, at present shares hold an untenable valuation in our view." The Globe reported on Oct. 12 that TD had reaffirmed its "hold" call for Shopify. The shares could then be had for $54.24 (U.S.).