KeyBanc raised the firm’s price target on Shopify (SHOP) to $175 from $145 and keeps an Overweight rating on the shares. The firm notes Shopify’s gross merchandise value growth accelerated meaningfully to +31% year-over-year, and Q3 revenue was guided above its/Street expectations. This momentum reflects broad-based strength in Europe and same-store sales growth, which KeyBanc believes demonstrates micro-level growth drivers that more than offset macro uncertainty.
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