As previously reported, Wedbush upgraded Shopify (SHOP) to Outperform from Neutral with a price target of $125, up from $115. The firm is more constructive on shares in the near-term given an improving margin outlook following Q3 results and expectations for strong operating income growth in 2025. Shopify remains the dominant e-commerce software platform with a large TAM opportunity, considerable pricing power within its subscription services, and ongoing payments expansion with expected gross payment volume of $225B in 2025, Wedbush says.
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