Shares of Shopify Inc. rose 1.2% in early trade Tuesday after the stock was upgraded to overweight from sector weight at Pacific Crest. Analyst Brendan Barnicle set a $35 12-month price target on the shares, which implies a greater than 35% increase from Monday’s closing price. He attributed the upgrade to positive comments from management regarding the pace of growth in small business users of Shopify’s software as a service platform, which helps companies build e-commerce stores. “Shopify is overcoming our concerns,” Barnicle said in a note to clients. The analyst also raised his fiscal 2017 earnings per share estimates on the company. Shopify went public last May.
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