Shopify (SHOP) PT Raised to $68 at Mizuho

Mizuho analyst Siti Panigrahi raised the price target on Shopify (NYSE: SHOP) to $68.00 (from $65.00) while maintaining a Neutral rating.

The analyst commented: "Following Q2 results, we are updating our Shopify model. The company reported strong Q2 results, delivering revenue, FCF margin, and GMV beats. Although Merchant Solutions revenue growth decelerated from Q1 and attach rate slightly declined Q/Q, we believe this quarter largely allayed investor concerns that the company's performance-based marketing spend would unwind the company's progress in improving profitability. We reiterate our Neutral rating and increase our PT to $68 from $65, driven by our higher 2024 revenue and profitability estimates."

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