Shopify price target raised to $55 from $45 at Baird

Baird analyst Colin Sebastian raised the firm’s price target on Shopify to $55 from $45 and keeps an Outperform rating on the shares. The analyst expects the shares to take a modest breather following the strong run year-to-date after Shopify’s Q1 guidance fell short of Street expectations. Baird said they would be buyers on pullbacks as Shopify remains one of a select group of high-quality technology platforms leveraged to a large secular growth opportunity.