Shopify price target raised to $50 from $34 at DA Davidson

DA Davidson analyst Gil Luria raised the firm’s price target on Shopify to $50 from $34 but keeps a Neutral rating on the shares. The company’s Q4 results were well ahead of expectations, driven by broad-based growth during the holiday season and cost containment initiatives, the analyst tells investors in a research note. The firm prefers to remain at neutral on Shopify shares however pending clearer view of a bottoming out in ecommerce growth.