Shopify Inc (NYSE:SHOP) shares were climbing on Wednesday after the company reported upbeat third-quarter earnings.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

JPMorgan On Shopify

Analyst Reginald Smith reiterated an Overweight rating while raising the price target from $76 to $121.

Shopify delivered a “big FCF margin beat,” Smith said. Free cash flows of $421 million coming in higher than consensus of $340 million and FCF margin of 19.5% coming in around 350 basis points higher than guidance, he added.

“Key volume trends accelerated sequentially, despite tougher compares and a broader slowdown in e-comm spend,” the analyst wrote. Total revenues …

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