Shopify (SHOP) PT Raised to $48 at Baird

November 3, 2016 6:39 AM EDT
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Price: $49.98 +0.93%

Rating Summary:
    12 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 5 | New: 0
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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."

For an analyst ratings summary and ratings history on Shopify click here. For more ratings news on Shopify click here.

Shares of Shopify closed at $43.57 yesterday.

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