KeyBanc raised the firm’s price target on Shopify (SHOP) to $145 from $115 and keeps an Overweight rating on the shares. The firm expects Shopify to report another beat and raise quarter, reflecting relatively stable macro conditions, product innovation, and international progress. Given gross merchandise volume momentum, KeyBanc believes Shopify could potentially choose to reinvest more in marketing, which may limit near-term margin progression but would signal investment opportunities remain attractive.
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