The Globe and Mail reports in its Wednesday edition that Scotia Capital's Kevin Krishnaratne has reaffirmed his "sector perform" call for Shopify. The Globe's David Leeder writes that Mr. Krishnaratne gave his share target a $5 boost to $65 (all figures U.S.). Analysts on average target the shares at $64.12. Mr. Krishnaratne says in a note: "We're looking for revenue of $1.6-billion vs. the Street at $1.63-billion, reflecting strength in MRR [monthly recurring revenue] (approximately 19-per-cent growth) on the subscription plan repricing (April 23), and moderating GMV [gross merchandise volume] trends (12.4-per-cent growth vs. 14.8 per cent in Q1). We continue to model same-store sales declining in the mid-single-digit range for Shopify's core SMB merchants over the coming quarters on macro headwinds. We expect Q2 GP [gross profit] of $796-million (Street $789-million) and non-GAAP operating income of $70-million (consensus $54-million) on a greater level of opex savings post the sale of Deliverr (June 6), which our model has been updated to more accurately reflect. While we are getting more positive on Shopify given the cleaner story and multiple levers in its model, valuation remains our biggest concern."