Goldman Sachs analyst Gabriela Borges lowered the firm’s price target on Shopify (SHOP) to $120 from $130 and keeps a Buy rating on the shares after its Q1 results. Shopify’s GMV – gross merchandise volume – multiplier as a percent of U.S. e-commerce growth remains strong, indicating continued market share gains that will likely further expand in periods of volatility even as U.S. eCommerce growth slows, the analyst tells investors in a research note.
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