Shopify price target raised to $76 from $73 at Roth MKM

Roth MKM analyst Darren Aftahi raised the firm’s price target on Shopify to $76 from $73 and keeps a Buy rating on the shares. The company’s Q2 sales growth accelerated to 31%, reaching the fastest growth rate since Q4 of 2021, while improved cost efficiencies contributed to better leverage in COGS and Operating expenditure, the analyst tells investors in a research note.