Credit Suisse analyst Samad Samana raised the price target on Shopify (NYSE: SHOP) to $1,700.00 (from $1,400.00) as the scaling omnichannel ecosystem expands the company's competitive moats.

The analyst reiterated a Neutral rating, stating "Alongside growth at scale (~40% GMV growth, and revenue reaching~$1b+ during Q2 2021) and further signs of traction across additional offerings (e.g., Retail POS GMV back to pre-COVID mix, Shopify Plus adoption, Shopify Capital, Shop Pay Installments volume up ~3x QoQ, Shopify Fulfillment Network capability expansion, etc.), Shopify continues to plan for increased investment (expectations for operating expense growth to accelerate in Q3 and further in Q4 driven by hiring, go-to-market, technology investment, etc.), bolstering the platform’s competitive moats. We continue to view Shopify as one of the most well-positioned platforms to likely benefit from what we believe will be one of the most important investment themes within our coverage over the coming decade: the intersection of software and payments and the embedding of monetization- and ecosystem-enhancing financial services".