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Investing.com - KeyBanc has raised its price target on Shopify (NASDAQ:SHOP) to $200 from $175 while maintaining an Overweight rating on the e-commerce platform provider. The new target sits just above Shopify’s current price of $177.04, with the stock trading near its 52-week high of $182.19.
The investment firm cited expectations for "solid results" in the third quarter, driven by Shopify’s continued momentum in upmarket segments and international expansion efforts. With Shopify’s earnings scheduled for November 4, investors will soon see if the company can maintain its impressive 28.98% revenue growth from the last twelve months.
KeyBanc projects Shopify will exit 2025 with revenue growth exceeding 25%, positioning the company as a sustained market share gainer in the e-commerce sector.
The firm believes this growth trajectory "warrants the premium on the stock," supporting its decision to increase the price target to $200, which represents 14.9 times the estimated enterprise value to sales ratio for 2027.
Shopify has been expanding its presence in larger enterprise markets while simultaneously growing its international footprint, strategies that KeyBanc views as key drivers for the company’s continued growth momentum.
In other recent news, Shopify has seen a series of positive developments from various analysts. Oppenheimer increased its price target for Shopify to $200, highlighting the company’s partnership with ChatGPT as a key factor. RBC Capital also raised its price target to $200, citing strong growth momentum and market share gains through the third quarter of 2025. Benchmark followed suit, adjusting its price target to $195 due to Shopify’s integration with OpenAI’s ChatGPT, which allows merchants to sell directly via Instant Checkout. Citizens reiterated its Market Outperform rating with a price target of $185, noting Shopify’s strategic positioning in agentic commerce. In a significant personnel change, Shopify’s Chief Revenue Officer Bobby Morris announced his departure after contributing to the company’s substantial growth. Under his leadership, Shopify achieved nine consecutive quarters of over 25% revenue growth. These developments reflect the company’s ongoing efforts to innovate and expand in the e-commerce sector.
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