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Shopify Price Target Raised to US$180 at RBC

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RBC Capital Markets raised its price target on Shopify Inc. (SHOP.TO, SHOP) to US$180 from US$170.

Analyst Paul Treiber maintained an outperform rating on shares of the Ottawa-based e-commerce company following its Q2 results and Q3 guidance on Wednesday.

Shopify rose more C$28.65, or 17%, to C$201.97 Wednesday on the Toronto Stock Exchange.

"The quarter shows that Shopify is gaining market share as a result of its AI innovations, while AI token costs are not having a material impact on profitability," Treiber said in a note to clients.

(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://finwires.com/en/contact)

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