Citi upgraded Shopify to Buy from Neutral with a price target of $105, up from $93. The firm has confidence in Shopify’s near-term results following a recent round of conference visits and channel checks, which highlight a more resilient e-commerce backdrop and accelerated share gains up market. Citi’s analysis into the company’s Merchant Solutions business gives it confidence in Shopify’s long-term growth as take-rate expansion accelerates in 2025, fueled by new product and feature adoption “going mainstream.” The shares are trading at a discount on growth-adjusted valuation versus its large cap peers, which creates an attractive entry point, the analyst tells investors in a research note.
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