Baird maintains an Outperform rating on Shopify (NYSE:SHOP) and lifts the target from $370 to $410.
Analyst Colin Sebastian says SHOP is "on track to exceed one million merchant customers by year-end" and could pass eBay to become North America's second-largest e-commerce platform, behind Amazon.
SHOP shares are up 0.4% pre-market to $382. The company has an Outperform average Sell Side rating.
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