Shopify price target raised to $41 from $35 at Truist

Truist analyst Terry Tillman raised the firm’s price target on Shopify to $41 from $35 but keeps a Hold rating on the shares. The analyst is adjusting his model with "material reduction" to merchant solutions revenue, adjusted EBITDA and free cash flow estimates for 2023, though he is also "incrementally constructive" on Shopify’s innovation investments in upmarket enterprise opportunity, the Shopify Fulfillment Network, and the stock’s "much more reasonable valuation".