RBC Capital Markets raised its price target on Shopify Inc. (SHOP.TO, SHOP) to US$145 from US$125 on Friday.
Analyst Paul Treiber maintained an Outperform rating on shares of the Ottawa-based e-commerce company.
"Data from several third-party sources suggest Shopify's GMV growth and MRR momentum were healthy through Q2, likely slightly above consensus," Treiber said in a note to clients.
"We believe Shopify's continued growth and market share gains will help sustain Shopify's premium valuation multiple," the analyst said.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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