Shopify Inc (NASDAQ:SHOP) shares traded lower Tuesday after Rothschild & Co downgraded the stock from Buy to Neutral and cut its price target to $130 from $160.
The downgrade gave traders a stock-specific reason to sell even as large-cap technology shares rallied.
The Nasdaq gained 1.58%, the S&P 500 rose 0.63%, and the Technology Select Sector SPDR Fund climbed 2.29%.
What Is Pressuring Shopify Stock?
Shopify’s decline stands out against a broadly positive market, with eight of 11 sectors advancing and the advance-to-decline ratio at 2.7.
