Shopify price target raised to $85 from $70 at Roth MKM

Roth MKM raised the firm’s price target on Shopify to $85 from $70 and keeps a Buy rating on the shares. The company’s Investor Day event primarily focused on products and platform functionalities that enable Shopify to be an all-encompassing offering for unified global commerce, the analyst tells investors in a research note. Shopify is continuing to develop new tools to foster a more durable growth curve for merchants by utilizing this online and offline global approach, the firm adds.