UBS raised the firm’s price target on Shopify (SHOP) to $125 from $110 and keeps a Neutral rating on the shares. Shopify delivered another strong quarter, with Gross Merchandise Value, Gross Payment Volume, revenue, gross profit, and operating income all beating expectations, the analyst tells investors in a research note. The firm believes Q1 revenue should continue to see a slight benefit from Shopify’s recent agreement with PayPal (PYPL), which benefit Shopify’s revenue to a small degree via a revenue recognition change from net to gross and improves Shopify’s GPV penetration of GMV.
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