12:57 PM EST, 12/19/2024 (MT Newswires) -- Shopify ( SHOP ) has potential for growth spanning multiple years under its management team, Oppenheimer said in a note Thursday.

Solid momentum in Shopify's ( SHOP ) Black Friday/Cyber Monday results position its gross merchandise volume ahead of $92.2 billion consensus, Oppenheimer noted. The firm pointed to earlier holiday buying trends and an expanding international merchant base as potential tailwinds.

Oppenheimer said that it expects the ongoing PayPal partnership to "rollout through the quarter, potentially dampening [Q4] gross up", but it provides an upside for Q1 2025.

"We continue to view 2024 customer acquisition investments as a favorable lead into 2025 growth," Oppenheimer said.

Oppenheimer had an outperform rating for Shopify ( SHOP ) with a $130 price target.

Shopify ( SHOP ) shares fell over 3% in recent trading.

Price: 106.11, Change: -3.60, Percent Change: -3.28