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.
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