SHOP Stock Gains Overnight: Jefferies Joins Wall Street Bulls, Sees 31% Upside Potential For Shopify

• Jefferies cited strong Q2 momentum, partner program changes, and potential price increases for Shopify. 
• Stifel upgraded Shopify to Buy from Hold and sees over 30% revenue growth in 2026. 
• Shopify will report its fiscal Q2 earnings on August 5. 

Shopify Inc. (SHOP) stock gained overnight as Jefferies upgraded the stock, citing strong business trends and several factors that could support future growth ahead of its fiscal second-quarter (Q2) earnings.

Jefferies Upgrades Shopify 

Jefferies analyst Samad Samana moved Shopify’s rating to ‘Buy’ from ‘Hold’ and lifted its price target on SHOP to $160 from $140, implying a 31% upside potential to the stock’s last closing price. 

Jefferies expects Shopify to post a strong second quarter as its merchant business continues to grow. The firm also said recent changes to Shopify’s partner program could help drive near-term growth while keeping costs under control. 

The analyst noted that Shopify may increase prices for its offerings, a move that could provide additional upside to its 2027 financial outlook. Shopify stock edged 0.8% higher overnight, heading into Monday. 

Shopify is expected to report Q2 earnings results on August 5, and analysts expect $3.4 billion in revenue and earnings of $0.33 per share, according to Fiscal AI data. 

Stifel Sees AI And Market Share Gains Fueling Shopify's Next Growth Phase 

Shopify received another vote of confidence from Wall Street after Stifel upgraded the stock last week, citing its ability to continue capturing market share and expand its competitive advantages through artificial intelligence-driven commerce tools.

Stifel upgraded Shopify to ‘Buy’ from ‘Hold’ and increased its price target to $150 from $110. Stifel expects the company to build on its existing plan of attracting merchants while further differentiating its platform through agentic commerce capabilities. 

Stifel gave a positive outlook for Shopify’s finances, saying the company could achieve more than 30% revenue growth in 2026. Beyond that period, the firm expects the company to sustain annual revenue expansion in the mid-20% range, supported by continued increases in Gross Merchandise Value.

In the fiscal first quarter, Shopify processed more than $100 billion in merchandise sales. 

SHOP Retail Traders View

On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory with a 50% increase in message volume over the past week. 

A user said, market downturns can create buying opportunities, prompting long-term investors to look for fundamentally strong companies like Shopify, trading at attractive valuations. 

SHOP stock has declined 23% year-to-date. 

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