Shopify price target raised to $135 following quarterly results at Roth MKM

Roth MKM raised the firm’s price target on Shopify (SHOP) to $135, while keeping a Buy rating on the stock following quarterly results. Roth notes that Q3 once again outperformed across the board with year-over-year improvement in revenue growth and free cash flow margins. The Q4 guide was much better and keeps Shopify above the rule of 40, the firm adds. Roth remains impressed with the company’s ability to deliver top-line expansion, while gaining operating leverage that allows for investment of incremental free cash flow where opportunities arise.