Shopify price target raised to $100 from $85 at RBC Capital

RBC Capital analyst Paul Treiber raised the firm’s price target on Shopify (SHOP) to $100 from $85 and keeps an Outperform rating on the shares. The firm notes that third-party data shows solid Shopify merchant growth Q3, which suggests likely sustained healthy Monthly recurring revenue growth that is potentially above consensus, the analyst tells investors in a research note. Shopify’s sequential drop in job postings also implies continued cost discipline and potential margin upside, RBC added.