Shopify upgraded to Outperform from Market Perform at JMP Securities

JMP Securities analyst Andrew Boone upgraded Shopify to Outperform from Market Perform with a $65 price target. Shopify’s gross merchandise volume estimates have upside, while there is "room for greater expense discipline," the analyst tells investors in a research note. The firm says the size of Shopify’s fulfillment network investments are less than it initially feared while there is upside to GMV projections as the company is gaining traction with larger enterprise businesses. Shopify has the opportunity to execute on cost synergies with Deliverr and third-party traffic data suggests it continues to take share, contends JMP.