Shopify (SHOP) Stock Forecast & Price Target

$59.92

+0.48 (+0.81%)

(As of 07/26/2024 ET)

Shopify - Analysts' Recommendations and Stock Price Forecast (2024)

MarketBeat calculates consensus analyst ratings for stocks using the most recent rating from each Wall Street analyst that has rated a stock within the last twelve months. Each analyst's rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0 to .5 = Strong Sell, .5 to 1 = Sell, 1 to 1.5 = Reduce, 1.5 to 2.5 = Hold, 2.5 to 3.0 = Moderate Buy, 3.0 to 3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.

Consensus Rating

Moderate Buy
Based on 39 Analyst Ratings

Based on 39 Wall Street analysts who have issued ratings for Shopify in the last 12 months, the stock has a consensus rating of "Moderate Buy." Out of the 39 analysts, 1 has given a sell rating, 14 have given a hold rating, and 24 have given a buy rating for SHOP.

Consensus Price Target

$77.62
29.54% Upside

High Forecast	$110.00
Average Forecast	$77.62
Low Forecast	$50.00

According to the 39 analysts' twelve-month price targets for Shopify, the average price target is $77.62. The highest price target for SHOP is $110.00, while the lowest price target for SHOP is $50.00. The average price target represents a forecasted upside of 29.54% from the current price of $59.92.

Type	Current Forecast 7/28/23 to 7/27/24	1 Month Ago 6/28/23 to 6/27/24	3 Months Ago 4/29/23 to 4/28/24	1 Year Ago 7/28/22 to 7/28/23
Consensus Rating	Moderate Buy	Moderate Buy	Hold	Hold
Strong Buy	0 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	24 Buy rating(s)	22 Buy rating(s)	15 Buy rating(s)	15 Buy rating(s)
Hold	14 Hold rating(s)	15 Hold rating(s)	18 Hold rating(s)	21 Hold rating(s)
Sell	1 Sell rating(s)	1 Sell rating(s)	3 Sell rating(s)	2 Sell rating(s)
Consensus Price Target	$77.62	$76.42	$78.30	$60.49
Forecasted Upside	29.54% Upside	13.96% Upside	8.90% Upside	9.11% Upside

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SHOP Analyst Recommendations By Month

The chart below shows how a company's ratings by analysts have changed over time. Each bar represents the previous year of ratings for that month. Within each bar, the sell ratings are shown in red, the hold ratings are shown in yellow, the buy ratings are shown in green, and the strong buy ratings are shown in dark green.

SHOP Price Targets by Month

The chart below shows how a company's share price and consensus price target have changed over time. The dark blue line represents the company's actual price. The lighter blue line represents the stock's consensus price target. The even lighter blue range in the background of the two lines represents the low price target and the high price target for each stock.

Shopify Stock vs. The Competition

Type	Shopify	Computer and Technology Companies	S&P 500
Consensus Rating Score	2.59	2.61	2.50
Consensus Rating	Moderate Buy	Moderate Buy	Moderate Buy
Predicted Upside	28.28% Upside	554.35% Upside	8.98% Upside
News Sentiment Rating	Positive News	Positive News	Positive News

Recent Analyst Forecasts and Stock Ratings

Rating

Upside/Downside

Action

Time Frame

Start Date

End Date

Show

Export to Excel

Date	Brokerage	Analyst Name	Action	Rating	Price Target	Upside/Downside on Report Date
7/25/2024	KeyCorp 3 of 5 stars		Initiated Coverage	Overweight	$80.00	+34.98%
7/24/2024	Piper Sandler 2 of 5 stars	C. Jeffries Subscribe to MarketBeat All Access for the recommendation accuracy rating	Boost Target	Neutral ➝ Neutral	$63.00 ➝ $67.00	+6.93%
7/16/2024	Wolfe Research 3 of 5 stars	S. Khajuria Subscribe to MarketBeat All Access for the recommendation accuracy rating	Initiated Coverage	Outperform	$80.00	+24.56%
7/16/2024	Bank of America Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Neutral ➝ Buy	$78.00 ➝ $82.00	+27.68%
6/26/2024	Citigroup Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$95.00 ➝ $96.00	+48.19%
6/14/2024	Evercore Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	In-Line ➝ Outperform	$75.00	+10.21%
Get the Latest News and Ratings for SHOP and Related Stocks Enter your email address below to receive the latest news and analysts' ratings for Shopify and its competitors with MarketBeat's FREE daily newsletter.
6/14/2024	Evercore ISI Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Mahaney Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	In-Line ➝ Outperform	$75.00 ➝ $75.00	+15.91%
6/11/2024	JPMorgan Chase & Co. Subscribe to MarketBeat All Access for the recommendation accuracy rating		Initiated Coverage	Overweight	$74.00	+17.27%
6/6/2024	Moffett Nathanson Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Morton Subscribe to MarketBeat All Access for the recommendation accuracy rating	Downgrade	Buy ➝ Neutral	$74.00 ➝ $65.00	+6.12%
5/28/2024	The Goldman Sachs Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$67.00 ➝ $74.00	+27.70%
5/9/2024	Scotiabank Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Sector Perform ➝ Sector Perform	$80.00 ➝ $75.00	+20.02%
5/9/2024	Canaccord Genuity Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Buy ➝ Buy	$90.00 ➝ $80.00	+28.12%
5/9/2024	CIBC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Outperformer ➝ Outperformer	$100.00 ➝ $85.00	+36.13%
5/9/2024	DA Davidson Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Buy ➝ Buy	$90.00 ➝ $84.00	+34.53%
5/9/2024	TD Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Hold ➝ Hold	$80.00 ➝ $72.00	+15.16%
5/9/2024	Royal Bank of Canada Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Outperform ➝ Outperform	$100.00 ➝ $85.00	+35.52%
5/9/2024	Barclays Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Equal Weight ➝ Equal Weight	$68.00 ➝ $63.00	+1.09%
5/9/2024	Deutsche Bank Aktiengesellschaft Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Buy ➝ Buy	$95.00 ➝ $80.00	+28.37%
5/9/2024	Wells Fargo & Company Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Overweight ➝ Overweight	$85.00 ➝ $75.00	+20.35%
5/9/2024	Needham & Company LLC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Hold
5/9/2024	Robert W. Baird Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Outperform ➝ Outperform	$87.00 ➝ $77.00	+22.59%
5/9/2024	Mizuho Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Neutral ➝ Neutral	$75.00 ➝ $65.00	+3.49%
5/9/2024	JMP Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating	A. Boone Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	Market Perform ➝ Outperform	$80.00	+27.37%
5/8/2024	Atb Cap Markets Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Toner Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	Sector Perform ➝ Outperform
5/7/2024	Benchmark Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Hold
5/2/2024	BNP Paribas Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Underperform ➝ Outperform
4/19/2024	Morgan Stanley Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Equal Weight ➝ Overweight	$74.00 ➝ $85.00	+22.28%
4/15/2024	Loop Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Hold ➝ Hold	$90.00 ➝ $80.00	+15.41%
2/14/2024	UBS Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Neutral ➝ Neutral	$75.00 ➝ $80.00	+0.21%
2/14/2024	ATB Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Sector Perform	$105.00 ➝ $110.00	+37.36%
2/14/2024	Roth Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy	$85.00 ➝ $89.00	+11.14%
2/13/2024	Wedbush Subscribe to MarketBeat All Access for the recommendation accuracy rating	S. Devitt Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Neutral	$68.00	-13.62%
2/12/2024	Truist Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Hold	$65.00 ➝ $90.00	+0.18%
1/26/2024	National Bankshares Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform	$80.00 ➝ $100.00	+22.13%
1/5/2024	Jefferies Financial Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Hold	$65.00 ➝ $80.00	+6.91%
12/12/2023	DZ Bank Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Hold ➝ Sell	$65.00	-10.76%
12/6/2023	Stifel Nicolaus Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$65.00 ➝ $75.00	+3.91%
10/25/2023	Veritas Investment Research Subscribe to MarketBeat All Access for the recommendation accuracy rating		Set Target	Buy	$52.00	+6.80%
8/29/2023	Roth Mkm Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Buy ➝ Buy	$76.00 ➝ $73.00	+29.94%
7/14/2023	Credit Suisse Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Neutral	$53.00 ➝ $55.00	-21.83%
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6/20/2023	Oppenheimer Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$70.00 ➝ $80.00	+23.63%
5/9/2023	888 Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Maintains
5/9/2023	Atlantic Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Downgrade	Overweight ➝ Neutral	$55.00 ➝ $65.00	+0.96%
5/5/2023	58.com Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Maintains
5/5/2023	National Bank Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$60.00 ➝ $80.00	+39.62%
1/25/2023	William Blair Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Pfau Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Outperform
12/8/2022	Capital One Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Initiated Coverage	Equal Weight
8/5/2022	KGI Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Downgrade	Outperform ➝ Neutral
7/28/2022	Sumitomo Mitsui Financial Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Outperform	$53.00 ➝ $40.00	+16.04%

Analyst ratings data on MarketBeat is provided by Benzinga and other data providers. This page was last refreshed on Saturday at 01:04 AM ET.

SHOP Forecast - Frequently Asked Questions

What is Shopify's forecast for 2024?: According to the research reports of 39 Wall Street equities research analysts, the average twelve-month stock price forecast for Shopify is $77.62, with a high forecast of $110.00 and a low forecast of $50.00.
Should I buy or sell Shopify stock right now?: 39 Wall Street equities research analysts have issued "buy," "hold," and "sell" ratings for Shopify in the last twelve months. There is currently 1 sell rating, 14 hold ratings and 24 buy ratings for the stock. The consensus among Wall Street equities research analysts is that investors should "moderate buy" SHOP shares.
Does Shopify's stock price have much upside?: According to analysts, Shopify's stock has a predicted upside of 16.17% based on their 12-month stock forecasts.
Has Shopify been upgraded or downgraded by Wall Street analysts recently?: Over the previous 90 days, Shopify's stock had 9 upgrades and 1 downgrade by analysts.
What analysts cover Shopify?: Shopify has been rated by research analysts at Atb Cap Markets, Bank of America, Barclays, Benchmark, BNP Paribas, Canaccord Genuity Group, CIBC, Citigroup, DA Davidson, Deutsche Bank Aktiengesellschaft, Evercore, Evercore ISI, JMP Securities, JPMorgan Chase & Co., KeyCorp, Mizuho, Moffett Nathanson, Needham & Company LLC, Piper Sandler, Robert W. Baird, Royal Bank of Canada, Scotiabank, TD Securities, The Goldman Sachs Group, Wells Fargo & Company, and Wolfe Research in the past 90 days.
Do Wall Street analysts like Shopify more than its competitors?: Analysts like Shopify less than other "computer and technology" companies. The consensus rating score for Shopify is 2.59 while the average consensus rating score for "computer and technology" companies is 2.61. Learn more on how SHOP compares to other companies.