- Seaport Global has increased its price target for Shopify to $180.00 from $175.00, suggesting an 8.30% upside from the current publication price.
- The e-commerce stock has seen a strong rally, with shares rising 80.00% from their May low and its market value surpassing $205.00 billion.
- Favorable analyst ratings, a strategic partnership with Meta Platforms, and potential demand from AI shopping agents are contributing factors to Shopify’s positive market momentum.
Shopify (NYSE: SHOP) is an e-commerce stock and software company that helps merchants run online stores and manage sales. Jeff Cantwell of Seaport Global raises his price target for the stock to $180.00 from $175.00. At the stated publication price of $166.16, the new target is about 8.30% higher.
The higher target follows a strong run for Shopify. Shares rose 80.00% from their May low and moved past $158.00, a price level identified as a key technical barrier, as highlighted by Invezz. A technical barrier is a price that a stock has struggled to move above. The rally lifted Shopify’s market value above $205.00 billion.
Shopify’s partnership with Meta Platforms (NASDAQ: META) is one factor behind the rally. Shopify says merchants can use Muse to manage products, collections, inventory, and orders. Invezz also points to possible demand from AI shopping agents, citing a 393.00% increase this year in AI-driven traffic to U.S. retail sites.
Analyst ratings remain favorable for this tech stock. Shopify has an average brokerage recommendation of 1.52 on a five-point scale, between “Strong Buy” and “Buy,” as highlighted by Zacks. Of the 49 firms covering the stock, 34 rate it Strong Buy and four rate it Buy, for about 78.00% combined. That report does not announce a new development at Shopify.
In a separate market snapshot, Shopify traded at $166.24, up $0.21, or 0.13%. Its range for the day was $164.05 to $167.90, while its past-year range was $94.00 to $182.19. At that point, its market value was about $215.70 billion, with trading volume near 2.53 million shares.
