TD Securities resumed coverage of Shopify (SHOP) with a Hold rating and price target of $156, up from $130. The company is continuing to show solid growth and has expansion opportunities, but “a lot of the upside is priced in” at Shopify’s current valuation levels, the analyst tells investors in a research note. TD believe the shares could see an “outsized pullback” should the company’s growth slow amid the macro uncertainty.
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