Opera price target raised to $23 from $19.50 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Opera (OPRA) to $23 from $19.50 and keeps a Buy rating on the shares after its Q3 results. The firm is citing the company’s operating momentum around high ARPU users and its monetization trends while noting that revenue outperformance in the quarter was driven by the Advertising segment, the analyst tells investors in a research note. Opera’s gaming sponsorship with League of Legends should also be supportive of additional growth in forward periods, the firm added.