BUZZ-Shopify Inc: Brokerages start coverage

Tue Jun 30, 2015 11:13am EDT
 
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** Canadian cloud-based e-commerce company's U.S.-listed shares up 5.2 pct at $32.95

** At least 5 brokerages start coverage; Credit Suisse starts with "outperform" and $40 PT

** RBC Capital Markets starts with "sector perform" and $35 PT, while Canaccord Genuity starts with "hold" and $30 PT

** Pacific Crest Securities starts with "sector weight" and Raymond James starts with "market perform"

** Credit Suisse analysts say they believe Shopify can capture market share due to strong merchant growth, increased attach rates of Shopify Payments and new merchant solutions

** Up to Monday's close, stock had risen about 84 pct since its debut on May 21