Wells Fargo analyst Timothy Willi raised his price target for Shopify to $600 from $400 following quarterly results as he believes they reflect "strong" execution and the strength of the Shopify platform, which continues to capitalize on favorable e-commerce trends, including the direct to consumer movement. Given a "strong runway for growth," 2020 remains a heavy investment year for Shopify as it invests in geographic expansion, product enhancement/development and the fulfillment network, which remains in its initial stages, he adds. Willi has an Overweight rating on the shares.