Shopify price target raised to $70 from $53 at Barclays

Barclays raised the firm’s price target on Shopify to $70 from $53 and keeps an Equal Weight rating on the shares. The analyst is “incrementally positive” on web tools going into the Q4 reports, saying channel checks point to strong customer trends across the group, despite some macro indicators showing a continuation of the softness seen in Q3. Demand seems steady, if not improving slightly, and cost discipline implemented in 2023 should continue to bear fruit, both of which bode well for Q4, the analyst tells investors in a research note.