The Globe and Mail reports in its Friday edition that Scotia Capital analyst Kevin Krishnaratne has reaffirmed his "sector perform" rating for Shopify. The Globe's David Leeder writes in the Eye On Equities column that Mr. Krishnaratne's share target soared $10 (U.S.) to $80 (U.S.). Analysts on average target the shares at $83.01 (U.S.). Mr. Krishnaratne says in a note: "Following a doubling in the stock in 2023, shares of Shopify are down almost 10 per cent so far in 2024. Recall how following a Q4 beat reported in February, Shopify traded lower 10 per cent on the back of Q1 guidance that called for a step down in FCF margins and just modestly higher revenue growth expectations. We believe management's decision to step up S&M efforts to capitalize on opportunities in offline/POS are the right move, and think there could be upside to our 2024 revenue growth estimates 25 per cent and FCF margin as the year progresses, all else equal. While we maintain our SP rating with the stock now trading at 15.1 times CY25 GP, we've previously suggested SHOP is a name that should be a core holding given its position as a category leader in omnichannel Retail and that we'd be opportunistic adding to that position on pullbacks."