Shopify price target raised to $120 from $90 at Wells Fargo

Wells Fargo raised the firm’s price target on Shopify (SHOP) to $120 from $90 and keeps an Overweight rating on the shares. The firm notes the company delivered a blowout Q3, with accelerating trends, demonstrable share gains, and impressive free cash flow margins. Wells continues to see Shopify as a structural winner and a top idea over the near term.