The Globe and Mail reports in its Tuesday, Jan. 21, edition that National Bank's Richard Tse has reiterated his "outperform" recommendation and $140 share target for Shopify (all figures U.S.). The Globe's David Leeder writes that analysts on average target the shares at $119.54. Mr. Tse has reaffirmed Shopify as one of his "Top Picks" for 2025. Mr. Tse says in a note: "We'd view any pullback from a tariff narrative as an opportunity to add a position(s) in the name. ... Bottom line, while a tariff scenario has yet to play out, we think this narrative will gain momentum and given the number of inbounds we've had from investors -- the goal of this note is to highlight our findings ahead of that potential. ... Our investment thesis is based on outsized growth from 1) international; 2) increasing take rate across new services; 3) large enterprise; and 4) POS, which we don't believe are (collectively) priced into the stock. Our target price is based on a staged DCF which normalizes expectations across a longer time horizon. That DCF-based target implies a valuation of 16.5 times EV/Sales on FY25E (unchanged); this is heightened by our view that much of the growth comes from beyond 2025 which is why we employ a staged DCF."