Shopify (SHOP) PT Raised to $190 at Rosenblatt

Rosenblatt analyst Mark Zgutowicz raised the price target on Shopify (NYSE: SHOP) to $190.00 (from $188.00) while maintaining a Buy rating.

The analyst commented, "While some concerns around new merchant growth and attrition have circulated the past couple of quarters, we continue to focus on GMV as the primary driver of the company and stock success. Plus, merchants continue to drive GMV growth and offset any potential new merchant growth dynamics. Existing Plus merchant growth is bene-fitting from massive global ecommerce tailwinds and new Plus merchants are being onboarded efficiently, as witnessed by 3Q18 S&M q/q and y/y leverage, despite recent-ly added sales capacity. Net-net, SHOP GMV outlook appears stable in the US and is witnessing incremental lift OUS. We raise our price target from $188 to $190, re-flecting a DCF valuation."

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