Shopify price target raised to $80 from $75 at UBS

UBS analyst Timothy Chiodo raised the firm’s price target on Shopify to $80 from $75 and keeps a Neutral rating on the shares. Shopify’s gross merchandise value growth was strong and ahead of consensus, while its revenue growth of 24% also beat the Street’s estimates, the analyst tells investors in a research note. Shopify has been consistently making strong progress and winning in three key dimensions, including the depth of Shopify’s offering that strengthens its moat, breadth of the customer base being addressable by Shopify, and a two-sided network now gaining traction on its consumer solutions and Shop App, the firm says.