The Globe and Mail reports in its Thursday, Oct. 12, edition that TD Securities analyst Daniel Chan has reaffirmed his "hold" recommendation for Shopify. The Globe's David Leeder writes in the Eye On Equities column that Mr. Chan slashed his share target by $10 to $60 (all figures U.S.). Analysts on average target the shares at $66.83. Mr. Chan says in a note: "We believe it could take time for Shopify to meaningfully grow its enterprise presence, and the opportunity may not be as material as some investors are hoping for. We believe Shopify's success with SMB merchants has largely been due to its comprehensive, fully integrated platform, making it easy for merchants to start and grow their businesses. This value proposition may not resonate as strongly with enterprises which have complex IT systems and vast resources to piece together best-of-breed components for their unique needs. We also believe that the enterprise competitive landscape is more challenging. ... Our channel checks suggest Shopify is chipping away at the enterprise market, but not gaining significant market share yet." Mr. Chan says the Ottawa-based e-commerce giant's strength with SMBs does not directly translate to enterprise.