Oppenheimer raised the firm’s price target on Shopify (SHOP) to $150 from $130 and keeps an Outperform rating on the shares. The company’s revenue was meaningfully ahead of expectations driven by higher than expected Gross Merchandise Volume – GMV – growth of 26%, Payments attach rates, merchant growth, and platform fees, the analyst tells investors in a research note. The initial optics suggest a notable deceleration in Q1 topline, but this is weighed down by lengthened free trials, FX and leap year, the firm adds.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SHOP:
- Shopify’s Exceptional Growth and Market Expansion: A Buy Rating Endorsement
- Shopify price target raised to $120 from $115 at Stifel
- Shopify price target raised to $100 from $93 at Barclays
- Shopify price target raised to $140 from $134 at BofA
- Shopify price target raised to $136 from $135 at Roth MKM