JPMorgan analyst Reginald Smith raised the firm’s price target on Shopify (SHOP) to $124 from $121 and keeps an Overweight rating on the shares. Shopify reported another solid beat that saw accelerating volume and revenue growth and free cash flow margin upside, the analyst tells investors in a research note. The firm “again came away impressed” with Shopify, saying same store sales drove more than half of volume growth in Q4, which is rare for a large company.
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