Shopify price target lowered to $60 from $70 at TD Securities

TD Securities lowered the firm’s price target on Shopify to $60 from $70 and keeps a Hold rating on the shares. The firm believes Shopify’s success with Small And Midsize Business merchants has largely been due to its comprehensive, fully integrated platform, thought this value proposition “may not resonate as strongly with enterprises.” The firm’s channel checks suggest Shopify is “chipping away at the enterprise market, but not gaining significant market share yet,” the analyst tells investors.