Shopify (SHOP) Reiterated at Market Outperform by Citizens: Moving Faster than Rivals

Citizens analyst Andrew Boone reiterated a Market Outperform rating and $200.00 price target on Shopify (NASDAQ: SHOP).

The analyst commented, " We expect Shopify to deliver beat-and-raise 4Q25 results as GMV could accelerate again given Shopify’s share gains, healthy return on advertising for its merchant base, positive FX, and a stable consumer spending environment. We believe Shopify remains the de facto choice for entrepreneurs starting eCommerce businesses, while we believe its awareness in newer geographies, such as Europe, is building. Additionally, Shopify is benefitting from its merchants’ greater ad spend that remains efficient while enterprise is a growing contributor as more established retailers are transitioning to Shopify. We expect replatforming to Shopify to accelerate in 2026 as large eCommerce brands ensure their sites are ready for agents. Simply put, Shopify is moving faster than other eCommerce platforms in enabling AI commerce while we believe in-house solutions are also unable to keep up with the rapid changes created by AI, which is all leading to Shopify winning more enterprise business. Given this structure, we are optimistic that GMV can be sustained ahead of consensus estimates in the low 20s for 2026 and 2027. We reiterate our Market Outperform rating and $200 price target."

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 $112.05 yesterday.

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