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Shopify (SHOP) Stock Climbs, Gets 'Outperform' Rating at Credit Suisse

NEW YORK (TheStreet) -- Shares of Shopify (SHOP) were sharply higher in late-afternoon trading on Thursday as Credit Suisse reinstated coverage of the stock with an "outperform" rating and $46 price target.

The firm views the company's recent secondary offering favorably as the transaction provides Shopify with increased flexibility to fund future growth strategies.

These strategies include R&D for continued product development, sales and marketing investments, network infrastructure expansion to...