Shopify price target raised to $185 from $165 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Shopify (SHOP) to $185 from $165 and keeps a Buy rating on the shares. The firm notes Shopify posted excellent Q3 results with an across-the-board beat, but the stock didn’t do much, which to Canaccord is a reflection of “where we are from a valuation standpoint versus any kind of questions tied to fundamentals.” The firm believes Shopify has done an admirable job of pushing cash margins higher over the last few years, and while it has kind of plateaued in the high-teens range, for now, as the company continues to optimize for growth, this isn’t necessarily a bad thing, as it speaks to the opportunity that management still sees ahead.