Morgan Stanley analyst Keith Weiss reiterated an Equal-Weight rating on the shares of Shopify Inc (NYSE: SHOP) and raised the price target from $59 to $62.
The e-commerce company reported third-quarter revenue growth of 25% year-over-year to $1.71 billion, which beat the consensus estimate of $1.67 billion. Adjusted EPS of $0.24 also beat the consensus estimate of $0.14.
Shopify posted strong Q3 results with better monetization of the merchant base, traction upmarket, European expansion, and pricing power, writes the analyst.
Gross Merchandise Value (GMV) growth of about 22% YoY topped expectations for about ...