Truist analyst Terry Tillman lowered the firm’s price target on Shopify (SHOP) to $100 from $120 and keeps a Hold rating on the shares ahead of the Q1 results on Thursday. The firm made “modest” reductions to gross merchandise volume and related revenue growth assumptions in 2025 and 2026. The uncertain global macro environment and tariffs could cause some impact to Shopify’s merchants and related consumer spending through the balance of this year, the analyst tells investors in a research note.
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