Jefferies says that combined Black Friday – Cyber Monday gross merchandise value of $9.3B grew 24% year-over-year, outpacing Black Friday standalone. The firm sees Shopify well-positioned to deliver a Q4 gross merchandise value beat even if Black Friday – Cyber Monday accounts for a larger portion of gross merchandise value than in prior 4Qs. Outside of gross merchandise value growth, Jefferies was most impressed by the 60% growth in Black Friday – Cyber Monday sales made via Shop Pay and the 17% year-over-year growth in the number of consumers purchasing on the platform. The firm expects to learn more about Shopify’s momentum at next week’s Analyst Day. Jefferies has a Hold rating on the shares with a price target of $65.
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