Shopify price target lowered to $125 from $150 at Oppenheimer

Oppenheimer analyst Ken Wong lowered the firm’s price target on Shopify (SHOP) to $125 from $150 and keeps an Outperform rating on the shares. The firm says sentiment has trended with tariff headlines, but investors think Shopify has the most potential risk in its coverage. Margin upside could serve as an offset, but a possible growth reset is the overwhelming focus, Oppenheimer adds. Investors expect a slight gross merchandise value/revenue beat with mixed 3P data pointing to modest outperformance. OpEx might track below expectations due to a likely pullback in S&M, the firm says. Q2 growth expectations range from consistent with Q1 to high-teens to low-20% to removing the guide altogether on limited visibility.