RBC Capital keeps an Outperform rating and $80 price target on Shopify ahead of its Q3 results. Data from several third-party sources suggests strong uptake of Shopify Plus, Pay and POS, which implies that Shopify is seeing continued strong traction with merchants and upside to MRR growth appears likely, the analyst tells investors in a research note. RBC adds it remains positive on the stock thanks to the company’s large total addressable market, improved profitability, and strong product execution.
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