The Globe and Mail reports in its Tuesday, April 30, edition that Citi analyst Tyler Radke has elevated his recommendation for Shopify to "buy" from "neutral," expressing "confidence in near-term results following a recent round of conference visits/channel checks which highlight a more resilient e-commerce backdrop and accelerated share gains up market." The Globe's David Leeder writes that Mr. Radke, seeing a "more favourable" risk-reward proposition and valuation, raised his share target to $105 from $93 (all figures U.S.). Analysts on average target the shares at $82.70. Mr. Radke says in a note: "We've always admired Shopify as a company, given its strong product quality, unique business model spanning across software/payments/e-commerce etc., and exposure to an enormous e-commerce TAM [total addressable market. ... That said, our investment view has historically been less constructive as we've struggled with valuation, its lower gross margins, questionable capital allocation decisions, and underwriting the durability of growth. Since our launch of coverage in July, 2020, with a neutral/high-risk rating, shares have fallen 23 per cent vs. the IGV's [iShares Expanded Tech-Software Sector ETF] 42-per-cent rise."