Shopify price target raised to $130 from $90 at Oppenheimer

Oppenheimer analyst Ken Wong raised the firm’s price target on Shopify (SHOP) to $130 from $90 and keeps an Outperform rating on the shares. The company reported better than expected Q3 revenue, driven largely by gross merchandise volume strength and merchant growth, the analyst tells investors in a research note. The firm says that despite a mixed consumer backdrop, management projected Q4 sales growth to accelerate into the mid- to high-20%s, boosted by the new PayPal partnership and assumptions for a stable macro backdrop.