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RBC Keeps Shopify's Outperform Rating, US$170 Price Target, Ahead of Q1 Results

-- RBC Capital Markets on Wednesday maintained its outperform rating on the shares of Shopify (SHOP.TO, SHOP) and its US$170 price target ahead of the company's first-quarter results.

RBC believes that Shopify's first-quarter results and second-quarter guidance may exceed consensus, as data from several third-party sources suggest the company's continued growth momentum and market share gains in the first quarter.

While the valuation of Shopify's shares has re-rated down with the pullback in software stocks, RBC said Shopify's fundamentals remain solid.

RBC expects Shopify's strong growth to drive shareholder returns over the long term.

Price: $180.12, Change: $+0.93, Percent Change: +0.52%

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