Shopify shares traded higher, as KeyBanc Capital analysts raised their price target on the stock.
KeyBanc Capital increased its target price on the e-commerce company’s shares to $350 from $300.
In a previous report, KeyBanc analyst Josh Beck indicated that concerns about Shopify’s competition from rival e-commerce platform Magento are "overhyped". According to Beck, Shopify can continue to grow, predicting a gain of 2%, even as Magento grows by 9%.
Shopify shares climbed more than +3% Monday.