Shopify price target lowered to $68 from $76 at Roth MKM

Roth MKM lowered the firm’s price target on Shopify (SHOP) to $68 from $76 but keeps a Buy rating on the shares ahead of its Q3 results. The firm’s merchant checks suggest slight growth acceleration from its prior survey, with median and mean growth rates for the company estimated to be at 14.9%/16.0%, the analyst tells investors in a research note. The firm adds however that its price target cut reflects industry multiple compression while noting that all eyes will be on Shopify’s new Amazon (AMZN) Buy with Prime relationship.