Shopify price target lowered to $85 from $90 at Wells Fargo

Wells Fargo lowered the firm’s price target on Shopify to $85 from $90 and keeps an Overweight rating on the shares. Despite strong Q4 top-line, elevated opex in the Q1 guide tempers near-term margin potential, Wells says. Given Shopify’s growing right to win outside SMB e-commerce, added investments to solidify this opportunity are understandable, the firm adds.