Bank of America analysts upgraded Shopify (NYSE) to a Buy rating, raising the price target to $82 from $78. They cited solid growth and free cash flow (FCF) conversion under new CFO Jeff Hoffmeister. Shopify’s Gross Merchandise Volume (GMV) has outpaced eCommerce growth, with a 25% CAGR over three years. Analysts project Shopify’s operating margin to increase to 17.4% by FY26 and FCF to hit $8 billion by FY30.