Shopify price target lowered to $160 from $200 at Citizens

Citizens lowered the firm’s price target on Shopify (SHOP) to $160 from $200 and keeps an Outperform rating on the shares. Shopify reported solid Q4 results as it drives faster GMV and revenue growth at higher margins, the analyst tells investors in a research note. Results reinforce that Shopify is a global share gainer, as nearly half of Q4 incremental GMV came from outside of North America while nearly half of Shopify’s merchant base is outside of North America as the company remains the de facto platform for starting an eCommerce business, the firm argues.