RBC Capital analyst Ross MacMillan reiterates an Outperform rating on Shopify Inc (NYSE:SHOP). He issues a price target of $37.00 for the stock.

The analyst remains positive on the company based on his partner survey. He states, “Our channel survey points to healthy growth across the partner ecosystem, market share gains and headroom for growth in new merchant solutions.”

In addition, the analyst believes that his numbers are conservative and affirms that he believes there is potential for the company to “show incremental operating leverage as we progress through CY16.”

According to TipRanks, Ross MacMillan is ranked #54 of 4,083 analysts. He maintains a success rate of 84% and an average return of 14.8%.