Shopify Price Target Raised To $269 From $208 At Baird

Baird analyst Colin Sebastian raised his price target for Shopify $269 from $208 saying the company, "once again", reported a sales beat despite elevated expectations, driven by continued Plus momentum and early contributions from international growth.

While the stock's valuation remains the "biggest headwind" near term, channel checks suggest Shopify continues to gain share as the leading e-commerce "operating system", Sebastian tells investors in a research note following the company's Q1 results. He views Shopify's execution as "impressive" and reiterates an Outperform rating on the name. The stock in midday rating is up 8%, or $18.07, to $243.43.