Shopify Inc.’s (NYSE: SHOP) stock stumbled in early trading Tuesday after receiving another analyst downgrade. On Tuesday, Morgan Stanley analyst Brian Essex downgraded the company’s rating to “underweight” from “equal weight”.

“Less than half of the company’s revenue is subscription and therefore not deserving of a full SaaS multiple,” he said in a report to clients.

Shopify was also downgraded on Monday by Guggenheim analyst Ken Wong to “neutral” from “buy”. Guggenheim has also eliminated its price target on the stock.

“We believe bullish investors have already embedded a revenue outcome for 2019 and 2020 consistent with historical beats to consensus,” Guggenheim analyst Ken Wong said in his note to clients.

Spotify’s shares gained 0.94 percent to close at $253.15 a share on Tuesday. The stock traded between $242.23 and $254.02 on volume of 2.08 million shares traded. Shares of Shopify have soared nearly 90 percent in 2019.