Goldman Sachs raised the firm’s price target on Shopify (SHOP) to $135 from $88 and keeps a Buy rating on the shares after its better than expected Q3 results. Against a mostly resilient consumer spending backdrop, Shopify reported several indicators that illustrate share gain momentum on the back of higher performance marketing and enterprise investments, the analyst tells investors in a research note. Shopify’s gross merchandise volume as a multiple of U.S. e-commerce GMV also remains above 3.0x after 5 consecutive quarters of expansion, which reflects momentum within the US eCommerce channel as well as less mature channels, the firm added.
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