The Globe and Mail reports in its Thursday edition that Wedbush analyst Scott Devitt has lowered his recommendation for Shopify to "neutral" from "outperform." The Globe's David Leeder writes that Mr. Devitt's share target, however, was elevated to $68 from $66 (all figures U.S.). Analysts on average target the shares at $71.16. The Globe says Mr. Devitt continues to hold "a favourable view" of Shopify's "overall strategy and competitive positioning within e-commerce" following its Investor Day event on Tuesday. Previously, Mr. Devitt expressed concern about Shopify trading at "a significant premium relative to software peers across key valuation metrics" after recent appreciation. Mr. Devitt says in a note: "While Shopify's growth and margin trajectory is encouraging, we think current valuation already reflects upside to our numbers and consensus. In a bull case scenario where annual GMV growth outpaces our base-case by 250bps each year and take rate and margin rise faster than our estimates, shares would still trade for 37.4 times EV/2025E adjusted EBITDA. We see opportunities for greater upside elsewhere in our e-commerce coverage and recommend investors allocate to Amazon and MercadoLibre for exposure."