On September 11, Shopify rose 3.03% in pre-market trading, trading at $130.40 per share, with turnover of approximately $4.42 million. The move came after prominent investment bank Bernstein initiated coverage on Shopify with an Outperform rating, providing a fresh catalyst for the stock.
According to FactSet data, Wall Street analysts currently assign Shopify an average rating of Overweight with a mean price target of CA$240.23. Separately, Rosenblatt recently initiated coverage with a Buy rating and a $175 target, highlighting Shopify's underappreciated B2B business and international expansion potential as key growth drivers.
The positive sentiment builds on Shopify's strong Q2 results reported in August, in which revenue reached $3.58 billion, up 33.7% year-over-year, while net income surged 66%. GAAP EPS of $1.16 significantly exceeded the FactSet consensus estimate of $0.30. GMV hit $115.57 billion, rising 32% year-over-year. Management guided for Q3 revenue growth in the low-thirties percentage range, above market expectations. Multiple analysts including RBC, Truist, and Wedbush subsequently raised their price targets, citing deepening AI integration across the commerce platform and expanding enterprise adoption.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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