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.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SHOP: