Shopify price target raised to $130 from $80 at KeyBanc

KeyBanc analyst Justin Patterson raised the firm’s price target on Shopify (SHOP) to $130 from $80 and keeps an Overweight rating on the shares. The firm notes the company reported a strong Q3 print and Q4 guide above expectations as it assumes top-line acceleration. Top-line outperformance was driven by Shopify Plus momentum, payments penetration, same-store sales growth, and strength in Europe.