Shopify price target raised to $80 from $68 at Loop Capital

Loop Capital raised the firm’s price target on Shopify to $80 from $68 but keeps a Hold rating on the shares. The company’s last earnings print largely “put to bed” investor concerns about the efficacy of Shopify’s recent incremental marketing spend, though the firm is also maintaining its Hold rating as it continues to believe that the upside potential and downside risk are largely balanced at current levels, the analyst tells investors in a research note. Loop adds that it is awaiting a more attractive entry point to turn more constructive on the stock.