Canaccord raised the firm’s price target on Shopify (SHOP) to $165 from $115 and keeps a Buy rating on the shares. The firm updated its model following soild results as management noted several times that the results they are seeing the yield on investments made over the last several years, which are now bearing fruit across Enterprise momentum, international growth, payments penetration, and new on ramps to the Shopify platform, whether that’s POS, B2B, or otherwise.Canaccord believes this is an exceptionally well-positioned business that’s executing well.
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