Shopify price target raised to $94 from $67 at Piper Sandler

Piper Sandler raised the firm’s price target on Shopify (SHOP) to $94 from $67 and keeps a Neutral rating on the shares following quarterly results. With Q4 2024 free cash flow margins expected to be similar to Q4 2023, the firm sees the company easily clearing $1.5B of free cash flow this year. Shares are up markedly with contribution likely from both strong fundamentals and position covering post-print, Piper adds.