Truist analyst Terry Tillman raised the firm’s price target on Shopify (SHOP) to $120 from $110 and keeps a Hold rating on the shares. The company reported a strong growth at scale in Q4 with upside to estimates across gross merchandise volume, revenue, profits, and cash flow, the analyst tells investors in a research note. Truist adds however that while it is incrementally positive on the business fundamentals, it remains on hold due to valuation.
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