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 reflect Q3 results and Q4 guidance. Jefferies told investors in a research note that revised estimates reflect the “strong Q3 results and ongoing traction” across multiple growth levers including enterprise, offline and shop pay.