has had a challenging year, and UBS doesn’t see a much brighter future for the e-commerce software company.
UBS analyst Kunal Madhukar initiated coverage of
(ticker: SHOP) with a Sell rating and a 12-month price target of $30. Madhukar listed three reasons for his bearish view of Shopify, including the risks of a potential recession,
‘s Buy With Prime competition, and near-term company spending levels.