Shopify price target raised to $120 from $80 at JMP Securities

JMP Securities analyst Andrew Boone raised the firm’s price target on Shopify (SHOP) to $120 from $80 and keeps an Outperform rating on the shares. Shopify reported strong beat and raise Q3 results, and with Shopify guiding to accelerating revenue growth in Q4, seeing stable consumer trends, while also maintaining headcount and cost discipline throughout the business, the company is executing exceptionally well as it takes share of the $6T+ eCommerce market, the analyst tells investors in a research note. JMP thinks results can continue to compound, as Shopify has little competition and its business is extending into newer categories like B2B and offline.