** U.S.-listed shares of e-commerce software maker fall 2.1% to $305.32 premarket after Wedbush downgrades stock to “neutral” from “outperform”
** While brokerage likes co’s positioning and competitive moat, it believes that shares appropriately reflect value ahead
** NYSE-listed shares of SHOP have more than doubled in value this year
** Last week, the company introduced Shopify fulfillment network, which provides merchants with a network of distribution fulfillment centers, and Wedbush doesn’t expect it to generate profits until 2023
** Wedbush’s Ygal Arounian, however, sees Shopify as a long-term winner in ecommerce
** Arounian, rated 5/5 stars by Refinitiv, hikes PT to $305 from $270; median PT $312
** Current avg rating on stock is “buy” (Reporting by Amy Caren Daniel in Bengaluru)
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