Shopify initiated with an Equalweight at Capital One

Capital One analyst Connor Murphy earlier today initiated coverage of Shopify with an Equalweight rating and $43 price target. The analyst thinks Shopify is helping drive the digital transformation of retail. While the company is managing through more challenging macroeconomic times, it is making investments that should bolster the platform and help it continue to grow revenue over 20% in 2023 and beyond, Murphy told investors in a research note.