Forget Shopify: 1 Tech Stock to Buy Instead ...Middle East

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Forget Shopify: 1 Tech Stock to Buy Instead
Image source: Getty Images. Shopify (TSX: SHOP) has been one of the hottest Canadian tech stocks since it started trading on the Toronto Stock Exchange in May 2015. Despite crashing by 73% in 2022 due partly to growing macroeconomic challenges and surging inflation, SHOP stock has yielded nearly 300% positive returns in the last five years. However, Shopify’s valuation has also become very expensive, trading well over 800 times its trailing 12-month adjusted earnings. That lofty valuation could limit its upside potential and make it vulnerable to a market downturn. These factors make Shopify a risky bet for investors with a low-risk appetite. Nonetheless, the Canadian stock market is sti

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