Shopify’s stock quotes to record highs after Susquehanna analyst raises price target by 37%

Shares in Shopify Inc.
STORE,
-0.53%

climbed 0.9% in pre-market trading on Tuesday, putting them on track to open in record territory after Susquehanna analyst John Coffey raised its price target by 37% ahead of the e-commerce platform company’s fourth quarter report, citing optimism over the payment business. Coffey raised his price target to $ 1,300 from $ 950, while keeping his rating neutral. His new target is still 11% below Friday’s closing price of $ 1,455.49. “Our thesis on [Shopify] it’s fast becoming a payment company that makes software – unlike its previous existence as a software company that paid, “Coffey wrote in a note to clients. We mean last week’s new Facebook / Instagram partnership, which allows Shop Pay ([Shopify’s] PayPal-like wallet) to be used on Facebook and Instagram payment pages promotes this narrative. “Shopify is scheduled to report earnings before Wednesday’s open. The stock, which is heading for an opening over Feb. 11. Record closing of $ 1,463.31, has had a fun 58.3% over the last three months to Friday. , while the S&P 500
SPX,
+ 0.47%

has advanced 8.5%.

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