Analysts are growing more bullish on Shopify Inc. (SHOP.N), with their average 12-month target rising above the share price for the first time since February.

Rosenblatt Securities analyst Mark Zgutowicz became the latest to raise his price target Wednesday, boosting it to $295 from $212. That brought the average to US$255, about 5 per cent ahead of Shopify’s Tuesday record closing price of US$243.53 in New York.

The e-commerce platform has “only scratched the surface” with its “stellar” gross merchandise volume trajectory, Zgutowicz wrote in a note. The analyst sees an incremental US$60 billion opportunity through 2027 in five international markets: Japan, Germany, France, Spain and Singapore. Just 10 percent of Shopify’s merchant base currently uses its non-English language platforms.

Shopify shares jumped 7.9 per cent in New York on Tuesday, the most since December, after the company reported an unexpected first-quarter profit and revenue that beat analyst estimates. It rose a further 0.5 per cent in early trading Wednesday before paring gains.

The stock is the fifth-best performer on Canada’s S&P/TSX Composite Index this year with a 73 per cent gain to Tuesday’s close.