Oppenheimer reiterated an Outperform rating and $90 price target on Shopify as partners have indicated that the company will increase Plus subscription pricing by 25%. The firm expects Plus merchants will prove more comfortable with multi-year subscription than previously seen with base plan customers which likely limits near-term Plus MRR uplift. Most investors were already baking in increased subscription pricing, but were likely positively surprised to also see higher variable fees, the analyst tells investors in a research note.
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