RBC raises price target on Shopify to $100

Following the company’s investor day, RBC analyst Paul Treiber has bumped his price target on Shopify (Shopify Stock Quote, Chart, News, Analysts, Financials, NYSE:SHOP).

At the company’s investor day December 5, Shopify sounded a bullish tone.

“We’re growing faster than ever before,” chief revenue officer Bobby Morrison said. “We’re doing it profitably. We’re taking share in the market. And what we’ve built is starting at the system’s [base] layer and therefore it’s durable.”

As reported in the Globe and Mail December 6, Treiber maintained his “Outperform” rating while raising his price target from $80.00 to $100.00.

“Shopify has made numerous and at times controversial changes to its business over the last year (logistics divestiture, headcount reductions, mgmt. changes),” the analyst said. “At the same time, growth and profitability have increasingly exceeded expectations. Shopify’s investor day provided data points to better understand the drivers of the company’s recently improved performance and importantly laid out how it intends to sustain a high pace of innovation and execution going forward.”

Shares of SHOP on the NYSE closed December 5 at $74.72