The Globe and Mail reports in its Friday edition that Citi analyst Tyler Radke has reiterated his "neutral" call for Shopify. The Globe's David Leeder writes that Mr. Radke's share target soared $9 to $96 (all figures U.S.). Analysts on average target the shares at $76.66. The Globe says Mr. Radke sees an "improving margin story" at Shopify. The Citi stockpicker says in a note: "We are upbeat on Shopify fundamentals heading into Q4 with guidance looking conservative with expected high-teens revenue year-over-year growth, despite strong BFCM [Black Friday Cyber Monday] sales and 4Q GMV [gross merchandise volume] seasonality which implies incremental upside to street estimates. Our front office checks suggest newer products like Shopify Audiences and Markets are gaining traction and the Shop App continues to become more important to the ecosystem. ... With the absence of long-term targets at December's Analyst Day and shares trading 61 times 2025 estimated FCF vs. 31 times for front office peers, we remain on the sidelines and await a better entry point." Mr. Radke adds that Web traffic indicators are "disappointing." The Globe reported on Oct. 25 that Mr. Radke rated Shopify "neutral" when it was then worth $48.49.