Shopify Stock Extends Rally After Bull Note

Shares of Shopify Inc (NYSE:SHOP) are headed for their 11th consecutive daily gain, up 1.9% to trade at $64.20 at last glance, after J.P. Morgan Securities initiated coverage with an "overweight" rating and $74 price target. The brokerage cited the e-commerce giant's product breadth, ease of use, and scale as competitive advantages in the industry. The 40-day moving average appears to be keeping today's gains in check, however. Now trading at roughly the same levels it did following its early May post-earni ...