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Fly News Breaks for May 22, 2018
ADBE, SHOP
May 22, 2018 | 07:38 EDT
Morgan Stanley analyst Brian Essex Adobe's (ADBE) $1.68B acquisition of Magento "puts more muscle" behind competition to Shopify (SHOP), specifically the latter's Shopify Plus offering. While he believes Shopify remains well positioned in the near-term to continue taking share up-market, Essex sees the Adobe/Magento combination as a new long-term threat for Shopify investors to consider. The analyst maintains an Equal Weight rating and $140 price target on Shopify shares, which are down about 1% to $143.15 in pre-market trading.
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