Shopify upgraded to Buy from Neutral at Roth Capital

Roth Capital analyst Darren Aftahi upgraded Shopify to Buy from Neutral with a price target of $56, up from $38. The analyst says tough COVID compares are now behind the company and that Shopify could see sales growth as high as 20% in 2023. The company is implementing new pricing tiers and raising monthly subscription costs by around 33% while maintaining annual costs, which improves revenue visibility, Roth tells investors in a research note. It believes the shares should trade with a premium multiple relative to its growth peers.