Canaccord raised the firm’s price target on Shopify (SHOP) to $140 from $125 and keeps a Buy rating on the shares. The firm said it was another excellent quarter for Shopify, as the firm delivered accelerating revenue growth and expanding FCF margins largely as expected. Canaccord recognizes the stock is expensive and notes high valuations can obviously make stocks susceptible to swings on seemingly minute changes in key metrics.
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