The Financial Post reports in its Saturday, May 2, edition that Veritas Investment Research analyst Liam Gallagher says it is too soon to jump back into Shopify. A Bloomberg dispatch to the Post reports that Mr. Gallagher cut Shopify to 'sell' in August, when a spike in the share price put it at about 95 times forward earnings, a hefty premium. While at first, it seemed like he'd missed something -- shares gained more than 20 per cent to a record in October -- the call proved prescient as the stock then plunged more than 30 per cent from the peak. Despite the sell-off, Mr. Gallagher is sticking to his bearish view with the only 'sell' recommendation among 54 analysts tracked by Bloomberg as covering Shopify. Mr. Gallagher says: "It's a really high quality business, but the cost of admission is too high. I am not willing to pay that ticket to get into the concert." Shopify shares faced continued decline after a weak November earnings outlook dampened optimism. The sell-off accelerated in early January, driven by concerns that software stocks like Shopify could be disrupted by new artificial intelligence tools. Even with the sell-off, Shopify still commands a much higher multiple than the broader market.