Shopify price target raised to $145 from $125 at RBC Capital

RBC Capital raised the firm’s price target on Shopify (SHOP) to $145 from $125 and keeps an Outperform rating on the shares. Data from several third-party sources suggest Shopify’s Gross Merchandise Volume growth and monthly recurring revenue momentum were healthy through Q2, likely slightly above consensus, the analyst tells investors in a research note. Shopify’s continued growth and market share gains will help sustain Shopify’s premium valuation multiple, the firm says.