Shopify price target raised to $110 from $65 at Truist

Truist analyst Terry Tillman raised the firm’s price target on Shopify (SHOP) to $110 from $65 and keeps a Hold rating on the shares. The company reported a strong Q3 that included upside to the firm’s estimates in Gross Merchandise Volume, revenue, profits, and cash flows, the analyst tells investors in a research note. Shopify’s move upmarket continues to gain traction as its go-to-market strategy and product enhancements are creating more opportunities to gain market share, Truist added.