Shopify (SHOP) Likely to 'Outperform 3Q25 GMV Expectations' - Citizens

Citizens analyst Andrew Boone reiterated a Market Outperform rating and $185.00 price target on Shopify (NASDAQ: SHOP).

The analyst commented, "• 30%+ GMV growth feels attainable following Meta's results. We are not changing our model and continue to project 28.5% Y/Y growth for GMV, but our estimates feel increasingly conservative. When running a simple regression on Meta's ad revenue to estimate Shopify's GMV, we arrive at 41% Y/Y growth (standard error is 5 points of growth), though we believe this is too high as Meta is benefiting from Chinese demand that does not extend to Shopify. Regardless, we are incrementally confident in Shopify's ability to outperform 3Q25 GMV expectations."

For an analyst ratings summary and ratings history on Shopify click here. For more ratings news on Shopify click here.

Shares of Shopify closed at $173.61 yesterday.

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