Canaccord analyst David Hynes raised the firm’s price target on Shopify (SHOP) to $185 from $165 and keeps a Buy rating on the shares. The firm said they posted excellent Q3 results with an across-the-board beat, where MRR came in largely in-line with estimates, which is a good sign versus last quarter’s trial-driven shortfall, and GMV beat estimates by 5-points, growing 32% in the quarter, which is the fastest growth seen since 2021.
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Read More on SHOP:
- Shopify price target raised to $165 from $150 at Scotiabank
- Shopify price target raised to $181 from $156 at Cantor Fitzgerald
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- Shopify price target raised to $195 from $185 at DA Davidson
- Shopify’s Mixed Financial Indicators and Macroeconomic Uncertainties Justify Hold Rating