Loop Capital analyst Anthony Chukumba raised the firm’s price target on Shopify to $90 from $80 and keeps a Hold rating on the shares. The firm has updated its quarterly survey of current Shopify merchants in order to gain a better view of the platform from their perspective, and it was “very encouraged” by the survey results, including sequential improvements in sales channel utilization, Merchant Solutions engagement, sales trends, and merchant satisfaction, the analyst tells investors in a research note. Loop adds however that the stock’s current valuation levels justify its Hold rating.

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