Shopify extends gains after better-than-expected results
** US-listed shares of Shopify SHOP.TO are up 7% at $68.30 on Thurs, extending a rally and set for third straight session of gains following strong second-quarter results on Wed
** SHOP closed up ~18% on Wed after the Canadian e-commerce services giant reported strong sales growth in addition to a buoyant sales forecast as new artificial intelligence-powered features help attract more merchants
** SHOP beat estimates with a 21% jump in rev to $2.05 bln as gross merchandise value reached $67.2 bln
** Multiple analysts, including Evercore, Citigroup, Wells Fargo, and Truist, raised their PT for SHOP following the result
** Among the 50 analysts that cover SHOP, their median PT is $76.50 with avg rating of "buy", per LSEG data
** SHOP is still down ~12% YTD
Reporting by Noel Randewich
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