Shopify Stock Upgraded by Jefferies and Bank of America on AI and Expansion Optimism

Key Facts

1Jefferies upgraded Shopify from 'Hold' to 'Buy' with the stock price at $122.54 at the time of the upgrade.

2Bank of America reinstated coverage on Shopify with a 'Buy' rating and a price target of $150.00.

3Bank of America cites AI integration, international expansion, and adoption by larger businesses as key growth drivers for Shopify.

In a move reflecting growing confidence in e-commerce platforms leading the next generation of technology, Shopify received dual upgrades from major financial institutions. Jefferies upgraded the stock from 'Hold' to 'Buy' when it was trading at $122.54, while Bank of America reinstated coverage with a 'Buy' rating. Bank of America analysts set an ambitious price target of $150.00, citing the company's ability to benefit from AI integration and its success in attracting larger enterprises.

This optimism comes as the sector faces intense competition, with recent earnings reports from peers like Amazon and BigCommerce showing a similar pivot toward AI-powered shopping experiences. Per market data, Bank of America's new price target represents a significant premium compared to sector averages, driven by expectations for international growth as the company moves to counter potential technical disruptions in the digital retail market.

Regarding price action, SHOP stood at $122.54 (at close July 10, 2026), having traded between a day low of $122.3 and a high of $130.75 per market data. Traders are now monitoring broader economic signals from Canada, with the BoC Business Outlook Survey scheduled for release, which may provide further context for the business environment in the company's home market.