SHOP
Another analyst, another thumbs-up
Piper Sandler is still in Shopify’s corner. The firm reiterated an Overweight rating and slapped a $165 price target on the stock, arguing that improving ad models at major platforms could help Shopify merchants get more bang for their marketing buck.
Why this matters
If ad efficiency improves, merchants can potentially acquire customers at a lower cost. That’s the kind of boring-sounding math Wall Street loves, because it can translate into healthier sales for Shopify’s merchants and, by extension, more volume flowing through Shopify’s pipes.
The Street is still doing the spreadsheet thing
Piper isn’t alone here. Wells Fargo recently cut its target to $166 from $191 but kept an Overweight rating, and it’s expecting Shopify’s first-quarter 2026 results to edge past consensus. That’s a reminder that analysts may squabble over the exact number, but they’re broadly still betting on the same story: more gross merchandise volume, better operating income, and a platform that keeps acting like the operating system for online stores.
Big picture
Shopify shares have been under pressure, with the stock down about 25% over the past six months. But when analysts keep circling back to upside and merchant growth, they’re signaling the market may be underestimating how much fuel is still left in this ecommerce engine.