Shopify (SHOP) PT Raised to $48 at Baird
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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.
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