Baird analyst Colin Sebastian raised his price target for Shopify (SHOP) to $208 from $188 and keeps an Outperform rating on the shares following “positive” channel checks. The stock closed yesterday down 5% to $194.75 following a cautious research report from short-seller Citron Research. Channel checks suggest Shopify continues to consolidate share, despite intensifying competitive concerns from Adobe (ABDE), Facebook/Instagram (FB), Microsoft (MSFT), Salesforce (CRM) and Square (SQ), Sebastian tells investors in a research note. The analyst believes it will “take years and significant investment for others to catch up.” Further, enterprise, international and merchant services offer incremental growth potential for Shopify, says the analyst. While not in “pound the table” territory, investors should opportunistically add or build to positions in the name on pullbacks, contends Sebastian.