Shopify resumed with an Overweight at KeyBanc

KeyBanc analyst Justin Patterson resumed coverage of Shopify with an Overweight rating and $80 price target. Shopify’s “leading” e-commerce platform is well positioned to capitalize on the growing e-commerce expansion into the retail market through its “best-of-breed” cloud-based solution, the analyst tells investors in a research note. The firm sees a path for Shopify to achieve a $10B-plus run-rate in the mid-term and sees upside opportunity based on potential mobile commerce tailwinds, partnership production, offline momentum, and international expansion as the economic environment normalizes.