Shopify (SHOP) is expected to keep expanding over the next few years because the businesses that use the platform to run their online stores are staying with it and increasing their spending, Oppenheimer said Wednesday in a report.
Oppenheimer updated its model for understanding Shopify's customers because the economy is uncertain, AI tools are changing quickly, and the company hasn't given formal guidance for 2026. Even with those unknowns, Shopify's revenue may grow 27% in 2026 and 23% in 2027, close to Wall Street estimates, the report said.
In a more optimistic scenario, Shopify's revenue may reach $15.8 billion in 2026 and $21.2 billion in 2027, helped by larger customers, international expansion, and new AI tools that help merchants run their stores more efficiently, Oppenheimer said.
In a weaker economy, revenue may be $13.2 billion in 2026 and $14.7 billion in 2027, the report said.
"We are optimistic about Shopify's multiyear growth potential," the report said. "Shopify is a generational technology disruptor in a large and underpenetrated digital commerce opportunity."
Oppenheimer maintained its outperform rating on Shopify stock with a $200 price target.
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