Piper Sandler raised the firm’s price target on Shopify (SHOP) to $104 from $94 and keeps a Neutral rating on the shares. The firm says several positive trends were on display in Q4, namely reacceleration of revenue growth, reacceleration of gross merchandise value, reacceleration of take-rate, post-pandemic high for free cash flow margin. With that said, the big picture is Shopify successfully becoming a global e-commerce franchise with the 2nd consecutive year of over 30% international revenue growth and now 50% of customers domiciled outside of U.S. and Canada, with EMEA being a standout, Piper adds.

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