BofA Securities analyst Brad Sills raised the price target on Shopify (NYSE: SHOP) to $140.00 (from $134.00) while maintaining a Buy rating.

The analyst comments "Q4 results suggest that the company has made the right investments to continue driving balanced growth. The company has not factored in any impact from tariffs to the Q1 outlook, given still uncertain outcomes, presenting some risk to estimates in FY25. However, the de minimums exemption (orders <$800) limits the impact on most of Shopify’s GMV (we estimate an average order value of <$170). Reiterate Buy and raise our PO to $140 from $134 on better GMV and merchant solutions growth. Our new PO is 66x C26e FCF (65x prior) or 2.2x adjusted for 29% 2-year growth CAGR, a premium to the software GARP group trading at 1.4x 18% growth for durability of 25%+ growth."