April 23, 2019 / 11:05 AM / 8 months ago

BUZZ-Shopify: Plus, international investments to drive Q1 growth - CIBC

** CIBC raises target price of ecommerce software maker Shopify Inc’s U.S.-listed shares to $240 from $210, maintains “outperform” rating

** Brokerage positive on Shopify’s improving trends, particularly in international markets and through enhancements to its higher-margin product Plus, an e-commerce platform for high-volume merchants

** Says that since its IPO in May 2015, Shopify has beaten revenue expectations by an average of ~7% per quarter, and its share price has risen on average ~4% after each quarterly report

** SHOP is expected to report Q1 financial results on April 30

** 19 of 27 brokerages rate the stock “buy” or higher, 7 “hold” and 1 “sell”; median PT is $200

** U.S.-listed shares of co have risen 62 pct this year (Reporting by Shradha Singh in Bengaluru)

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