Shopify price target raised to $67 from $63 at Piper Sandler

Piper Sandler raised the firm’s price target on Shopify to $67 from $63 and keeps a Neutral rating on the shares. Based on an analysis of high purchasing intent web traffic, Shop Pay GPV was stronger than the firm anticipated for Q2, growing nearly 50% year-over-year, potentially reaching 40% of GPV or $16B-plus of volume. If Piper’s data proves correct, Shop Pay growth at scale looks encouraging and would be on pace to grow 45% year-over-year for the full year just by remaining on trend.