KeyBanc analyst Josh Beck raised the firm’s price target on Shopify to $55 from $45 and keeps an Overweight rating on the shares ahead of quarterly results. Based on a combination of alternative data sources and an encouraging signal from the Blog that highlighted the $1/month trial, the firm believes that cadence of merchant adds likely improved in the second half of 2022 and as a result take its merchant count up to 2.39M and 2.64M for 2022 and 2023, respectively, versus the Street at 2.25M and 2.46M.
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Published first on TheFly
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