DA Davidson analyst Gil Luria raised the firm’s price target on Shopify (SHOP) to $125 from $115 and keeps a Buy rating on the shares. Following the firm’s recent conversation with the company and better than expected Q1 results, DA Davidson has analyzed Shopify’s merchant base and identified an acceleration in its y/y merchant growth, with the findings supporting its perspective that Shopify’s business is more resilient than feared, the analyst tells investors in a research note.
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