Shopify price target lowered to $78 from $92 at BofA

BofA analyst Brad Sills lowered the firm’s price target on Shopify to $78 from $92 and keeps a Neutral rating on the shares. Q1 results were “healthy, though not enough to satisfy somewhat heightened expectations,” the analyst tells investors in a post-earnings note. Macro pressures to Shopify’s GMV “do not appear to be improving” and with the lower-margin payments business continuing to pressure gross margin, and limited investment in growth initiatives outside of payments, “we do not see that dynamic changing in the near term,” the analyst added.