Shopify price target raised to $45 from $40 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Shopify to $45 from $40 and keeps a Hold rating on the shares. The analyst said there should be no doubts when it comes to the pace of innovation that Shopify is delivering or to the firm’s dominant standing at the low end of the market. In our view, this remains an extremely well-positioned business.