Shopify rises after Stifel upgrades stock to buy

Stifel upgraded Shopify to "buy" from "hold" and raised its price target to $150 from $110. The new target implies about 21.8% upside from the stock's last close.

The brokerage said it sees a "realistic path to 30%-plus revenue growth" in 2026 and sustained mid-20% growth beyond that, citing continued market-share gains. Stifel added that Shopify's strong GMV growth is evidence of those gains and said they could accelerate as agentic commerce expands.

Shopify shares were up 1.3% at $124.80 in response to the note. Even after the move, the stock was still down 22.6% year to date based on the prior close.