What happened Shares of Shopify (NYSE: SHOP) were trading higher on Thursday, after a key analyst raised his price target for the e-commerce specialist's stock to $1,000 per share. As of 1:45 p.m. EDT, Shopify's shares were trading at just over $865, up about 5.9% from Wednesday's closing price. So what In a new note on Thursday morning, RBC Capital analyst Mark Mahaney raised his price target for Shopify's stock to $1,000, from $825, while maintaining an outperform rating on the shares. Mahaney noted that Shopify's share price has already doubled year to date, but said that he thinks it has room to run. He feels that investors underestimate the company's total market opportunity, its ability to earn higher fees on the sales generated by merchants using its platform, and its potential to boost its operating margin over time. Image source: Shopify. Mahaney had another reason to be bullish on Shopify's shares: He feels that the COVID-19 pandemic has "permanently" altered consumer buying patterns, shifting more transactions online in a sustainable way. He believes that shift, together with the company-specific factors outlined above, provide good support for Shopify's high valuation -- and investors apparently agreed on Thursday. Now what Shopify earlier this week announced a significant partnership deal with Walmart (NYSE: WMT), in which Walmart has agreed to create a new section of its site where merchants using Shopify's platform can list their products. It's a new business model for both companies, one with great potential to drive growth for both partners -- another factor that may have been lifting Shopify's shares this week. 10 stocks we like better than ShopifyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Shopify wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 John Rosevear has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Shopify. The Motley Fool has a disclosure policy.Source