Shopify price target raised to $110 from $80 at Jefferies

Jefferies raised the firm’s price target on Shopify (SHOP) to $110 from $80 and keeps a Hold rating on the shares. The firm updated its model to account for the company’s Q3 results and Q4 guidance. The revised estimates reflect Shopify’s “strong” Q3 results and ongoing traction across multiple growth levers including Enterprise, Offline, and Shop, the analyst tells investors in a research note.