What Happened?

Shares of e-commerce platform Shopify (NYSE: SHOP) jumped 8.7% in the morning session after an upgrade from MoffettNathanson and positive sentiment from investors ahead of its scheduled quarterly earnings announcement. 

The analyst firm upgraded Shopify's stock from a "Neutral" to a "Buy" rating and set a new price target of $150.00. This favorable assessment contributed to investor optimism just before the company was set to report its results. The positive mood was also in line with the broader market, which saw gains during the session. Overall analyst sentiment on the stock remained favorable, with a consensus "Buy" rating from multiple research firms.

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What Is The Market Telling Us

Shopify’s shares are extremely volatile and have had 33 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was about 21 hours ago when the stock gained 7.1% on the news that sentiment improved following positive analyst commentary ahead of its fourth-quarter 2025 results. 

Citizens reiterated its "Market Outperform" rating and $200.00 price target on the stock. The firm noted that it expected Shopify to deliver better-than-expected Q4 results and raise its future guidance. This positive view was based on potential acceleration in sales volume driven by market share gains, healthy advertising returns for merchants, and stable consumer spending. For the quarter, Shopify had previously stated it expected revenues to grow in the mid-to-high twenties percentage range compared to the previous year.

Shopify is down 18.7% since the beginning of the year, and at $127.76 per share, it is trading 28.6% below its 52-week high of $179.01 from October 2025. Investors who bought $1,000 worth of Shopify’s shares 5 years ago would now be looking at an investment worth $873.57.

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