Analysts have downgraded their ratings of Shopify Inc. following its investor day. 

On Tuesday, the Ottawa-based e-commerce firm held its investor day, which included presentations from key executives at the company. In a note Wednesday, a team of analysts at Wedbush Securities lowered their rating on Shopify from outperform to neutral.

Scott Devitt, one of the authors of the note, said in an interview with BNN Bloomberg Wednesday that the company highlighted some of the positive things it is doing to provide operating system infrastructure for merchants that operate independently of Amazon.

“But there wasn't a lot of quantifiable takeaways from the event (and) that limited our ability to really change numbers,” he said.

“Given the stock’s up 50 per cent in the last month, and the valuation is really at the extreme levels relative to peers, it seemed like a good time to just take a step back. I think they'll probably be better opportunities ahead to get into the shares at lower prices.”

Martin Toner, an analyst at ATB Capital Markets, also lowered his rating on Shopify. Toner said the company showcased sufficient data to indicate the company can support growth over the short and medium term and that confidence has increased regarding Shopify’s growth estimates. 

“Despite the strong outlook, we downgrade SHOP to sector perform given the low return to our target price,” the note said. 

In a note to investors Wednesday, Daniel Chan, an analyst at TD Cowen, maintained a hold rating on the company because of its relatively high valuation “and continued macro cautions.”

In the note, Chan also raised the price target on Shopify to $80 from $65 due partly to a potential upside in the fourth quarter of 2023.