Benchmark raises Shopify stock price target to $195 on OpenAI integration

Investing.com - Benchmark has raised its price target on Shopify (NASDAQ:SHOP) to $195.00 from $190.00 while maintaining a Buy rating following the company’s integration with OpenAI’s ChatGPT. The stock, currently trading near its 52-week high of $169.69, has delivered an impressive 99.53% return over the past year. According to InvestingPro analysis, Shopify currently appears overvalued based on its Fair Value calculations.

The integration, confirmed last week, enables Shopify merchants to sell directly in ChatGPT via Instant Checkout, giving the e-commerce platform an early advantage as more commerce platforms connect to the AI service.

Benchmark highlighted Shopify’s "unique agentic and fully composable commerce stack" that uses flexible and scalable APIs, differentiating it from SaaS commerce competitors and custom headless stacks.

The firm noted the integration demonstrates Shopify’s potential to extend its agentic backend architecture to enterprise merchants seeking modular commerce solutions to power AI-enabled omnichannel strategies.

Benchmark suggested Shopify’s Merchant Cloud Platform server integration across all storefronts from May to August may have contributed to its enterprise GMV inflection, which saw a 4-point quarter-over-quarter acceleration in Q2, particularly through its modular Storefront API.

In other recent news, Shopify has seen several developments that may interest investors. Rothschild Redburn raised its price target for Shopify to $200 from $180, maintaining a Buy rating. This adjustment was influenced by Shopify’s new partnership with OpenAI’s ChatGPT, which introduces a new sales channel for Shopify merchants. Additionally, Citizens JMP reiterated a Market Outperform rating with a price target of $185, citing positive trends in AI-driven commerce capabilities. Oppenheimer also maintained an Outperform rating with a price target of $180, noting that Shopify’s second-quarter momentum wasn’t driven by macroeconomic factors. Meanwhile, Cantor Fitzgerald maintained a Neutral rating with a price target of $156, based on an evaluation of Shopify’s cross-border transaction volumes. Furthermore, Shopify’s shares experienced a surge following OpenAI’s announcement of an "Instant Checkout" feature in ChatGPT. This feature will soon be available to over 1 million Shopify merchants, expanding their reach in the U.S. market.

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