Fly News Breaks for February 13, 2020
Feb 13, 2020 | 08:44 EDT
Rosenblatt analyst Mark Zgutowicz raised his price target for Shopify to $630 from $481 saying the company's "resilient" gross merchandise volume growth once again drove revenue outperformance. The analyst reduced his 2020 gross margin and adjusted operating margin estimates with 2020 an investment year. However, he remains "impressed with management's steadfast obsession to perfect a massively successful and scalable global commerce platform." Zgutowicz reiterates a Buy rating on Shopify shares.
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