Shopify (SHOP) PT Raised to $48 at Baird
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Baird analyst Colin Sebastian reiterated an Outperform rating on Shopify (NYSE: SHOP) and boosted his price target to $48.00 (from $40.00) as the Q3 beat highlights best-in-class SMID-cap growth story.
Sebastian commented, "Shopify reported another beat-and-raise quarter, with revenue growth exceeding consensus estimates and the high end of guidance. Looking ahead, we believe management is making prudent investments in product to improve functionality for merchants, add new channels (Facebook, Messenger, Amazon), and expand the partner/developer ecosystem. We believe that Shopify's value proposition for SMBs remains top-of-class, and expect a stable revenue growth trajectory heading into FY17 benefiting from adoption of Shopify Plus. Maintain Outperform, new $48 price target."
Shares of Shopify closed at $43.57 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRobert W Baird
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!