Jefferies upgraded Shopify from Hold to Buy on Monday. The firm raised its price target for the stock to $160 from $140. Analysts identified Shopify as a foundational infrastructure provider for agentic commerce, which uses AI agents to assist online shoppers.
The upgrade also reflects expectations for a strong second quarter. Jefferies highlighted positive impacts from recent partner program changes and potential future price increases. These factors are projected to drive growth and improve long-term profitability.
The news follows other recent bullish calls from firms like Stifel regarding AI commerce opportunities. Shopify shares gained in pre-market trading following the announcement.