Shopify Will Surge 27% to $1,300, According to This Analyst

Shares of Shopify (NYSE: SHOP) have already climbed 237% over the past year, but will surge to new all-time highs in the coming year.

That's according to Wedbush analyst Ygal Arounian. On Wednesday, Arounian upgraded Shopify's stock to outperform (buy) from neutral (hold), while raising his price target from $998 to $1,300. His new target represents potential gains for investors of roughly 27% over the stock's closing price on Tuesday of about $1,026. 

Image source: Shopify.

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Source Fool.com