Shopify price target raised to $85 from $80 at Morgan Stanley

Morgan Stanley analyst Keith Weiss raised the firm’s price target on Shopify to $85 from $80 and keeps an Overweight rating on the shares after its Q2 results. The company’s growth initiatives across Enterprise, POS and International business enabled it to exceed revenue expectations despite an uneven macro, while a more focused investment environment is pushing margins higher – a strong combination for driving free cash flow higher, the analyst tells investors in a research note.