Shopify BFCM results will be viewed favorably, says Oppenheimer

Oppenheimer notes that Shopify reported that its merchants reached $9.3B in sales over Black Friday-Cyber Monday weekend, a 24% increase from last year, which is “well above” the firm’s pre-finish line forecast of about $8.7B and consensus Q4 GMV growth of 17%. Applying last year’s BFCM’s contribution to total Q4 GMV, the firm sees potential for full quarter GMV of approximately $75.5B, or growth of 24%, notes the analyst, who expects the “strong” BFCM results to be “seen favorably against the backdrop of cautious consumer behavior.” Oppenheimer has an Outperform rating and $80 price target on Shopify shares.