Evercore ISI upgraded Shopify to outperform. Analyst Mark Mahaney says the stock is 20 percent below its year-to-date high and at 24 times forward EV/ sales, is at pre-pandemic levels. Mahaney and the team also consider SHOP to be one of the top quality assets, noting that the 34% cagR of revenue from 2021-2023 is the fastest of all Mega and Large Cap coverage. It also cited growth opportunities and option values.