Shopify price target raised to $90 from $65 at Truist

Truist raised the firm’s price target on Shopify to $90 from $65 and keeps a Hold rating on the shares. The Truist Securities Data Science team has concluded that Shopify will likely report a strong Q4 this week, the analyst tells investors in a research note, also citing the company’s constructive Cyber Week update and the firm’s primary research on continued online and offline commerce share gains. Truist adds that its price target increase was based on higher assumed valuation and sustained business momentum.