CIBC analyst Todd Coupland raised the firm’s price target on Shopify (SHOP) to $135 from $85 and keeps an Outperformer rating on the shares after the company reported “materially stronger-than-expected” Q3 results and Q4 guidance. Accelerating revenue growth and higher free cash flow margins are “positive for the stock price and its valuation, and confirm Shopify as our top pick for 2024,” the analyst tells investors.
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