Shopify (SHOP.US) is expected to close for four consecutive weeks: analysts are optimistic about up to 10% upside ahead of Q3 results

The Zhitong Finance App learned that Shopify Inc. (SHOP.US) is expected to rise for the fourth week in a row, and analysts see up to 10% upside ahead of the release of its financial report for the third quarter of fiscal year 2026. Jefferies anticipated a stronger total commodity transaction value (GMV), while Baird raised the target price to $190, further boosting optimism.

As of press time, Shopify's stock fell 2.3% premarket. The stock has accumulated a cumulative increase of nearly 1% so far this week.

Jefferies is optimistic about Shopify's growth potential

Jefferies reiterated Shopify's “buy” rating and a target price of $175. The agency said that an evaluation of third-party data showed that GMV may have exceeded expectations and sent a positive signal before the earnings report was released.

The agency also sees a reasonable outlook for the fourth quarter. Although Shopify's stock price has risen due to earnings expectations, Jefferies believes that strong results and more clear details of the company's relationship with Muse may provide new support for the stock price.

Meta Platforms (META.US) is collaborating with Shopify to allow Meta's personal AI assistant Muse to buy products from stores on the Shopify platform on behalf of users. Shopify said the feature will work in conjunction with Shop Pay, which is its one-click checkout service that saves customers' payment and delivery information.

Shopify CEO Toby Rütke said in an X post last month: “We're excited to announce our deep partnership with Muse to enable proxy checkout through Shop Pay across all Shopify stores to provide users with an easy and enjoyable way to shop and check out through Muse.”

Baird increases Shopify's target price

Baird raised Shopify's target price from $160 to $190 and maintained an “outperforming market” rating. The revised target price means there is 10% upside compared to the previous closing price. Also on Monday, Cantor Fitzgerald raised Shopify's price target from $145 to $158, but maintained a “neutral” rating. The agency expects Shopify's GMV, revenue, and operating profit for the third quarter to exceed expectations, with sales growth of around 30%.

Shopify plans to release third-quarter earnings on November 3. According to Fiscal.ai data, analysts expect revenue of $3.74 billion and earnings of $0.46 per share. The GMV trend and outlook may help determine if the stock has room to rise further.

On Stocktwits, retail investor sentiment about the stock is still in the “neutral” zone.

One user said, “It's been less than three weeks until the earnings report! If it's red today, it will surpass $180 by Friday!”

Another user said, “Institutions that have bought and boosted the stock in the past two weeks will soon lose a lot of money.”

Shopify's stock is up 7% year-to-date.