The Globe and Mail reports in its Wednesday, June 21, edition that Oppenheim analyst Ken Wong has reaffirmed his "outperform" recommendation for Shopify. The Globe's David Leeder writes in the Eye On Equities column that Mr. Wong raised his share target to $80 (U.S.) from $70 (U.S.). Analysts on average target the shares at $61.47 (U.S.). Mr. Wong says in a note: "Investor sentiment flipped positive with management's strategic pivot toward balanced growth following a second reduction in force and divestiture of Fulfillment. Consensus margin forecasts stepped up significantly, yet we believe there remains meaningful headroom with what appears to be a disconnect between RiF commentary and the eventual headcount exiting the organization. We believe FY24 consensus EBIT ($650-million) is significantly understated, and could settle closer to our revised $1.15B forecast (up from $885-million). Management previously referenced a 20-per-cent RiF of core Shopify (2,000) with an additional 3 per cent from fulfillment (350). We believe the 3 per cent represents only the SFN employees that will not transition to Flexport, and upwards of another 1,000+ employees transferred over at closing on June 6."