Stifel has upgraded Shopify from hold to buy, raising its price target from $110 to $150, indicating a potential 22% increase from the stock's recent closing price. Analyst J. Parker Lane emphasized that Shopify is experiencing strong gross merchandise value growth, which is expected to accelerate as agentic commerce—defined as AI-driven purchasing—becomes more prevalent.
The global market for agentic AI is anticipated to reach $24.5 billion by 2030, although Lane cautioned that the monetization of AI in retail is still in its early stages. He noted that while many clients are exploring agentic commerce, the adoption process is straightforward for Shopify users, requiring minimal effort to implement.
Despite the challenges in measuring agent-driven traffic and the suitability of certain products, Lane believes that AI adoption is genuine and could lead to significant gains for Shopify's stock in the future.
This optimistic outlook aligns with the broader consensus on Wall Street, where 36 out of 47 analysts recommend buying or strongly buying Shopify shares, despite the stock having declined by 23% in 2026