Shopify, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Keith Weiss from Morgan Stanley maintained a Buy rating on the stock and has a $165.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Keith Weiss has given his Buy rating due to a combination of factors that highlight Shopify’s strong market position and growth potential. The company’s shares have seen a significant increase of over 60% year-to-date, largely due to its advantageous positioning in the AI sector and robust core business performance. The acceleration in topline growth during Q2, driven by gains in Gross Merchandise Volume (GMV), has helped Shopify navigate macroeconomic challenges effectively.
Looking ahead to Q3, Weiss anticipates further GMV upside, supported by stable macroeconomic conditions and positive merchant feedback. The company’s ability to maintain its dominance in eCommerce migration and its strategic initiatives in Enterprise, International, and Offline sectors underscore its growth durability. These elements, combined with the potential of Agentic commerce, contribute to a strong outlook for Shopify, justifying the Buy rating.
In another report released on October 24, RBC Capital also maintained a Buy rating on the stock with a $200.00 price target.
Based on the recent corporate insider activity of 223 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SHOP in relation to earlier this year.