Shopify price target raised to $82 from $75 at Loop Capital

Loop Capital raised the firm’s price target on Shopify to $82 from $75 and keeps a Hold rating on the shares. The firm has updated its qarterly survey of over 400 current Shopify merchants in order to gain a better view of the platform from their perspective and saw several encouraging signs in the survey results, including sequential improvements in sales channel utilization, Merchant Solutions engagement, sales trends feedback, and merchant satisfaction, the analyst tells investors in a research note. Loop adds however that the stock currently trades at 12.2-times its expected 2024 revenue estimate, which is in line with the average valuation of other large SaaS providers growing their revenues 15%-25% annually.