Shopify price target raised to $150 from $110 at Stifel

Stifel raised the firm’s price target on Shopify (SHOP) to $150 from $110 and keeps a Hold rating on the shares after the company reported significant upside to GMV, revenue, and EPS and gave a mid-to-high 20s growth outlook for next quarter. The firm thinks based on the results, outlook, and management’s commentary that “it is clear the macro is having little to no impact” on the company’s execution across its strategic initiatives and remains believers in the near-term growth outlook, but would await “a more attractive entry opportunity in the shares.”