Shopify price target raised to $62 from $57 at Loop Capital

Loop Capital raised the firm’s price target on Shopify to $62 from $57 and keeps a Hold rating on the shares. The analyst cites the company’s Q3 earnings beat but notes that the stock already trades in line with the average valuations of its comparable companies on an enterprise value to revenue basis. Loop adds that it continues to await a more attractive entry point to become more constructive on Shopify shares.