Shopify upgraded to Buy from Hold at Jefferies

Jefferies analyst Samad Samana upgraded Shopify to Buy from Hold with a price target of $1,250, up from $1,150. The analyst now has a "greater appreciation" for Shopify's ability to deliver "robust" growth for the next several years and reach $10B of revenue in 2025.

This will be powered by a structural pull forward in e-commerce activity and better monetization of gross merchandise volume, Samana tells investors in a research note. In Q4, the analyst expects Shopify to sustain strong gross merchandise volume growth "powered by holiday shopping." He sees an opportunity with the stock 20% off 2020 highs.

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