Wall Street Analysts Initiate Coverage On Shopify And Davidstea

Shopify Inc SHOP was introduced to the public markets on the May 21. The Canadian e-commerce software company sold 7.7 million shares at the price of $17 per share, raising $131 million.

The technology stock has been performing fairly well, up nearly 15 percent since its public offering. Here's how Wall Street analysts initiated coverage:

• Keybanc: Sector Weight rating.
• Pacific Crest: Sector Weight rating.
• Credit Suisse: Outperform rating; $40 price target.
• Canaccord Genuity: Hold rating, $$30 price target.
• Morgan Stanley: Equal-Weight rating, $30 price target.
• Raymond James: Market Perform rating.

Summary: 2 Sector Weight, 1 Outperform, 1 Hold, 1 Equal-Weight, 1 Market Perform rating.

Shares of Shopify were up 6 percent Tuesday morning.

Davidstea Inc DTEA was announced public on June 5. The Canada-based tea retailer soared nearly 43 percent on its offering.

Here's how analysts initiated coverage on the stock:

• William Blair: Outperform rating.
• Bank of America: Neutral rating, $24 price target.
• BMO Capital: Market Perform rating, $21 price target.
• JP Morgan: Neutral rating, $24 price target.
• Goldman Sachs: Neutral rating, $21 price target.

Summary: 1 Outperform, 3 Neutral, 1 Market Perform rating.

The stock was down 4 percent Tuesday morning.