Shopify price target raised to $59 from $54 at Morgan Stanley

Morgan Stanley analyst Keith Weiss raised the firm’s price target on Shopify to $59 from $54 and keeps an Equal Weight rating on the shares. The “good news” from the company’s Q2 report is that the results show “solid progress” on many of the company’s initiatives. However, “the bad news” is that investors “still lack any road map from the company on the longer-term growth or margin profile,” the analyst says.