Shopify price target raised to $100 from $80 at RBC Capital

RBC Capital analyst Paul Treiber raised the firm’s price target on Shopify to $100 from $80 and keeps an Outperform rating on the shares. The company made numerous and at times controversial changes to its business over the last year around logistics divestiture, headcount reductions, and management changes, while its growth and profitability have increasingly exceeded expectations, the analyst tells investors in a research note. Shopify’s Investor Day provided data points to better understand the drivers of the company’s recently improved performance and importantly laid out how it intends to sustain a high pace of innovation and execution going forward, the firm adds, calling the stock “one of the most compelling growth stories” in its coverage.