Shopify price target raised to $75 from $62 at Loop Capital

Loop Capital raised the firm’s price target on Shopify to $75 from $62 and keeps a Hold rating on the shares. The analyst attended a fireside chat with CEO Tobi Lutke and President Harvey Finkelstein as well as formal presentations from several senior executives, leaving the discussion with increased confidence in Shopify’s attractive long-term growth prospects across domestic and global small/medium businesses and enterprise merchants, the firm tells investors in a research note. Loop is also more positive on Shopify’s ability to drive profit margin expansion and free cash flow.