RBC Capital Markets raised its price target on Shopify Inc. (SHOP.TO, SHOP) to US$170 from US$145.
Analyst Paul Treiber maintained an Outperform rating on shares of the Canadian multinational e-commerce company following its Q2 results on Wednesday.
The stock rose $37.66, or 21%, to $212.82 on the Toronto Stock Exchange.
"Shopify reported its largest beat in 2+ years and guided Q3 revenue above consensus," Treiber said in a note to clients.
"Shopify saw broad-based momentum, with continued market share gains and no impact from tariffs," the analyst said.
"Shopify's increasing scale and rapid pace of innovation, in our view, improve investor visibility to long-term growth and suggest continued upside surprises and that Shopify's premium valuation is likely to be sustained going forward."
(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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