Why Shopify Stock Jumped on Friday

Shares of Shopify (NYSE: SHOP) climbed on Friday, surging as much as 6.3%. As of 2:07 p.m. ET today, the stock was still up 5%.

While a rebound in technology stocks certainly added fuel to its ascent, the e-commerce platform provider was also on the receiving end of positive commentary from not one, but two Wall Street analysts.

SMBC Nikko analyst Andrew Bauch initiated coverage of Shopify, assigning an outperform (buy) rating, while simultaneously issuing a $1,200 price target. That represents potential gains for investors of more than 47% compared to Thursday's closing price. 

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Source Fool.com