Shopify price target lowered to $115 from $124 at JPMorgan

JPMorgan analyst Reginald Smith lowered the firm’s price target on Shopify (SHOP) to $115 from $124 and keeps an Overweight rating on the shares. The company’s Q1 results were “generally solid,” the analyst tells investors in a research note. The firm says Shopify’s quarter-to-date spend and merchant add trends are stable despite tariff uncertainty. The company estimates China-sourced drop-shipping accounts for less than 1% of merchandise volume, giving increased confidence tariffs will be less disruptive to Shopify’s business than initially feared, contends JPMorgan.