Shopify (SHOP) PT Raised to $155 at Canaccord Genuity
Canaccord Genuity raised its price target on Shopify (NYSE: SHOP) to $155.00 (from $115.00) while maintaining a Buy rating following the company's 4Q earnings report. SHOP reported Q4/17 revenue of $222.8M, up 71% y-o-y and ahead of estimates by $14.8M. Shopify ended the quarter with 609K merchants on the platform, which drove a 62% y-o-y increase in MRR
Analyst Richard Davis suggests that the extra spending implicit in management’s guidance is a combination of cushion for a soon-tocome new CFO and an accelerated spending edict from CEO Tobi Lutke.