Piper Sandler analyst Brent Bracelin raised the firm’s price target on Shopify to $58 from $50 and keeps a Neutral rating on the shares. Results “continue to defy expectations,” with the company significantly outpacing market growth, the analyst tells investors. Shopify is an “ecommerce juggernaut” with multiple levers to support growth and one of the largest market opportunities in software, the firm adds. However, Piper Sandler believes shares fully reflect the potential for the stock.
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