Shopify Stock Fell After Its Report. Here's the Price I'd Pay for It.

Shopify stock fell 9% despite strong Q3 results showing 32% revenue growth to $3.7B and 61% free cash flow jump to $816M. The decline reflects investor concerns about slowing gross profit growth (28% vs. prior 31-32%), moderating GMV growth, and planned increased marketing spending. The analyst views the stock at ~70x trailing free cash flow as still expensive, waiting for a price around $115 (55x FCF) before considering a buy.