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James Mason

Shopify recent performance

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Shopify Inc. (NYSE:SHOP) beat analysts estimates in its latest earnings announcement and rallied higher after most analysts upgraded their price targets for the company's stock. Analysts at Raymond James raised their price target to $600 from $365, which saw the stock rally higher even as analysts at Sun Trust raised their target to $585 from $340.

It seems like Wall Street is extremely bullish on the stock after the company reported that 40 million merchants were now using Shopify Pay accompanied by 47% growth in the merchandise sold on the platform. Most analysts are citing the potential for international growth as the main reason for their ratings upgrade.

However, I believe there are better value plays out there for long-term investors, but as traders we may benefit from such rallies by taking short-term positions instead of holding the stock for the long-haul.

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