Shopify BFCM results may point to Q4 tracking ahead of consensus, says Jefferies

Jefferies analyst Samad Samana notes that Shopify provided Black Friday sales data over the weekend and then reported final Black Friday and Cyber Monday, or "BFCM," GMV of about $7.5B, up about 19% year-over-year, this morning. The implied weekend and Cyber Monday GMV rose 22% to about $4.1B, growing faster than Black Friday growth of 17%, noted Samana. If BFCM as a percentage of Q4 GMV remains at a level consistent with 2021, this would imply Q4 GMV is tracking at about $64B, or up 19% year-over-year, which would be ahead of consensus at $59B, added Samana, who has a Buy rating and $40 price target on Shopify shares.