Jefferies sees gross merchandise volume upside, and Baird raises its price target on Shopify to $190.
- Jefferies maintained its ‘Buy’ rating and $175 price target on Shopify, citing potential GMV growth.
- The firm said strong earnings and the Muse AI shopping partnership could lift Shopify shares.
- Shopify will report its third-quarter earnings on Nov. 3.
Shopify Inc. (SHOP) is on track for a fourth straight week of gains, with analysts seeing up to 10% upside ahead of its fiscal third-quarter (Q3) 2026 earnings results. Jefferies expects stronger gross merchandise volume (GMV), while Baird raised its price target to $190, adding to optimism.
Shopify stock traded over 1% lower overnight, ahead of Thursday. The stock has gained nearly 1% so far this week.
Jefferies Sees Room For Shopify’s Growth
Jefferies reaffirmed its ‘Buy’ rating and $175 price target on Shopify. The firm said its review of third-party data indicated that GMV could exceed expectations, offering a positive signal ahead of the company’s quarterly results.
Meta Platforms (META) and Shopify are partnering to let Meta’s personal AI assistant, Muse, buy products from stores on Shopify’s platform for users. Shopify said the feature will work with Shop Pay, its one-tap checkout service that saves customers’ payment and shipping details.
In an X post last month, Shopify CEO Tobi Lutke said, “We are excited to announce we are partnering deeply with Muse to enable agentic checkout with Shop Pay on all Shopify stores, offering people an easy and delightful way to shop and check out with Muse.”
Baird Lifts Shopify’s Price Target
Baird raised its price target on Shopify to $190 from $160 and maintained an ‘Outperform’ rating. The revised price target implied a 10% upside from its last closing price. Similarly, on Monday, Cantor Fitzgerald raised its price target on SHOP to $158 from $145 but kept a ‘Neutral’ rating. The firm expects Shopify to beat Q3 estimates for GMV, revenue and operating profit, with sales growth in the low 30% range.
Shopify is scheduled to report its Q3 earnings on Nov. 3. According to Fiscal.ai data, analysts see $3.74 billion in revenue and earnings of $0.46 per share. GMV trends and outlook could help determine whether the stock has room to run further.
SHOP Stock: Retail Stance
On Stocktwits, retail sentiment around the stock remained in ‘neutral’ territory.
A user said, “Earnings is here in under 3 weeks! Today everything is red, by Friday this is over $180!.”
Another user said, “The institutions that bought this up in the last 2 weeks are going to lose a lot of money soon.”
SHOP stock has gained 7% year-to-date.
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