Canaccord analyst David Hynes lowered the firm’s price target on Shopify (SHOP) to $165 from $185 and keeps a Buy rating on the shares. The firm said Shopify reported excellent Q4 results. This business continues to hum, and it’s hard to poke holes in the story. With respect to the numbers, Shopify posted +29% cFX revenue growth in Q4 and delivered 19.5% FCF margins, bringing full year cash margins to 17.4%, which is largely flat with 2024. Management said Agentic Commerce is additive and business momentum persists.
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