Shopify Upgraded to Buy at Jefferies on Internet Shopping Growth

Shopify  (SHOP) – Get Report shares rose Thursday after Jefferies analyst Samad Samana upgraded the online-shopping host to buy from hold and lifted his share-price target to $1,250 from $1,150.

“We have a greater appreciation for SHOP’s ability to deliver robust growth for the next several years and reach about $10 billion of revenue in 2025, powered by a structural pull-forward in e-commerce activity and better monetization of [gross merchandise value],” he wrote in a commentary.

Shopify shares recently traded at $977.90, up 5%. They have well more than doubled year to date as Internet shopping has exploded during the coronavirus pandemic.

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