Shopify price target raised to $45 from $36 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Shopify to $45 from $36 and keeps a Neutral rating on the shares. The company reported strong Q4 results with revenue, gross merchandise, and operating margin coming in ahead of expectations, the analyst tells investors in a research note. The firm retains a cautious outlook on the recovery of e-commerce in the near term.