Shopify (SHOP) PT Raised to $1,675 at Jefferies

Jefferies analyst Samad Samana raised the price target on Shopify (NYSE: SHOP) to $1,675.00 (from $1,375.00) while maintaining a Buy rating.

The analyst commented, "4Q results capped off a stellar 2020, as revs/margins handily beat consensus. GMV(+99% y/y) and the MS take rate (1.70%) remained at impressive levels. Mgmt provided encouraging commentary on 2021 rev and new merchant trends even as pandemic tailwinds fade. We project ~34% '21 rev growth, strong against a tough +86% comp. With shares up ~30% YTD ahead of the print, we are not surprised to see it giving some gains back today. We remain positive on the ST & LT."

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