Shopify price target raised to $115 from $80 at Scotiabank

Scotiabank analyst Kevin Krishnaratne raised the firm’s price target on Shopify (SHOP) to $115 from $80 and keeps a Sector Perform rating on the shares. The company delivered a “strong” Q3, with acceleration in growth in GMV and a free-cash-flow beat, the analyst tells investors. As the company enters the holiday season, the firm is expecting GMV and merchant solutions growth to remain at least consistent with Q3 trends and free-cash-flow margins to push even higher.