(Bloomberg) — Shopify Inc. garnered a new top bull, with National Bank Financial boosting their price target to a Street-high of $1,250.

National Bank is opting for a longer-term view on Canadian tech stock valuations, despite short-term questions about where shares are trading.

“The reality is if we take the stock price increases and the respective valuations in isolation, it would most certainly be reasonable to say they’re looking stretched on short-term numbers – we’d be foolish not to acknowledge that,” analyst Richard Tse told clients in a note.

Shares of Shopify have cooled in recent sessions, though remain up about 90% over the last three months, and about 137% year-to-date.

“While the valuation on next year’s number may look robust across many of our coverage names, when we look at the implied growth rates of our analysis relative to the sector – those valuations may not be so stretched after all,” Tse added.

Tse isn’t backing away from recommending Canada’s tech names, and still sees upside. National Bank also boosted price targets on Docebo Inc and Real Matters Inc., maintaining outperform ratings on the two stocks, including Shopify.

Shopify’s price target was boosted from $850 at National Bank, and surpasses the previous high at Goldman Sachs of $1,127.

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