Morgan Stanley upgraded Shopify to Overweight from Equal Weight with a price target of $85, up from $74. The analyst says share gains upmarket by Shopify support confidence in the durability of the company’s growth against tempered consumer spending expectations. The firm says the company’s “disciplined view on headcount” provides room for further operating leverage against more measured expectations, supporting the upgrade to Overweight. Shopify is well positioned to sustain 20%-plus annual growth through fiscal 2030, contends Morgan Stanley.
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