Shopify price target raised to $65 from $55 at Truist

Truist raised the firm’s price target on Shopify to $65 from $55 and keeps a Hold rating on the shares. Shopify executed well in Q2, reporting upside to the firm’s estimates for revenue, GMV, profit and cash flow, says the analyst, whose outlook “moves higher across the top & bottom line” following the report. The firm is more positive on Shopify’s ability to sustainably grow in the 20% range while consistently growing profits, but maintains a Hold on the risk/reward opportunity it sees after a 20% intraday gain.