Wedbush analyst Ygal Arounian lowered the price target on Shopify Inc. to $1,270 from $1,296 and reiterated an Outperform rating on the shares. The price target implies an upside of 42 percent. The analyst expects Shopify to report strong results in Q4, with more robust growth earlier in the quarter, offsetting slower overall BFCM and December spending. Questions around Apple Inc. ATT/advertising impacts to merchants, global supply chain challenges limiting upside, and the effects from no stimulus in 2022 are all factors that play a role in 2022, Arounian adds. As a result, he ticks down his 2022 gross merchandise value estimates. However, with underperformance in shares, the analyst believes investor sentiment now more than captures those factors. Shopify will remain a best-in-class e-commerce asset that will continue to take a share in global e-commerce gross merchandise value. At the same time, its robust set of products will allow for taking rate expansion over time. …