Jefferies upgraded Shopify to Buy from Hold on Monday. The firm raised its price target for the stock to $160 from $140.
Analyst Samad Samana identified Shopify as essential infrastructure for agentic commerce. This model utilizes AI-powered assistants to manage the discovery and purchasing process for consumers.
The upgrade also reflects expectations for a strong second-quarter earnings beat. Jefferies cited positive impacts from recent partner program changes and the potential for future price increases.
Shopify shares rose in pre-market trading following the announcement. The move follows a similar upgrade from Stifel last week.