Citizens analyst Andrew Boone reiterated a Market Outperform rating and $160.00 price target on Shopify (NASDAQ: SHOP).

The analyst commented, "We heard from a competitor that Shopify (SHOP, MO, $160 PT) is increasingly well viewed amongst eCommerce enterprise merchants, despite this competitor complaining that Shopify still had product holes with management of multiple fulfillment centers and extensive product variation. Separately, Shopify’s Agentic Plan was highlighted frequently to us as it sounds like merchants are looking for turnkey solutions for distribution of their products to AI platforms (specifically, ChatGPT). While we continue to believe Shopify is the de facto eCommerce platform, we were impressed with European competitor Scayle, which has $10B+ of GMV and $100M+ of revenue, as it is going after larger enterprise accounts with the ability for enterprises to pick their own checkout solution, which can lead to tens of millions in savings for larger merchants, per Scayle."

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 $115.43 yesterday.