Baird Raises Shopify (SHOP) Price Target to $190

Baird has reaffirmed its Outperform rating on Shopify and raised its price target to $190, a 11.90% upside from the current price.

By EarningsIQ Research Desk · Published Oct 15, 2026, 9:18 PM EDT · Updated Oct 16, 2026, 1:56 PM EDT

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Baird raised its price target on Shopify Inc. ($SHOP) to $190 from $160 on October 14, 2026, and rates the stock "Outperform".

Since the rating, $SHOP is down 1.7% to date (from the $172.50 close on Oct 14, 2026).

SHOP Shopify Inc.

$169.52 +7.84% year to date

Daily close · Oct 16, 2026

Key Points

On October 14, 2026, Baird reiterated its Outperform rating on Shopify Inc. and increased its price target to $190 from $160.
Baird's $190 price target implies 11.90% upside from Shopify Inc.'s ($SHOP) current $169.79 share price.
As of October 16, 2026, Shopify shares traded recently at $169.79, which is about 3.4% below the analyst's new target.
Shopify's market cap stands at approximately $229.2 billion, with a trailing twelve-month revenue of $13.27 billion and a net margin of 14.5%.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Shopify Inc. alert may contain errors. Disclosures

Baird has reiterated its Outperform rating on Shopify Inc. (SHOP) and raised its price target to $190 from $160 on October 14, 2026. The firm believes the stock is well-positioned for growth, especially given its strong market presence in the e-commerce sector. Shopify shares recently traded around $169.79 as of October 16, 2026, which places them about 3.4% below the new target price.

Other Institutional Activity in Shopify

Capital International Investors holds 54,893,641 shares of Shopify, increasing its stake by 4,835,606 shares, valued at about $9.31 billion. FMR, LLC also increased its holdings by 1,342,896 shares, bringing its total to 47,175,518 shares worth approximately $7.99 billion. Invesco Ltd. has 36,570,929 shares after a modest increase of 192,804 shares, valued at about $6.20 billion. Capital World Investors added 390,881 shares for a total of 34,087,544 shares worth around $5.78 billion, while Vanguard Capital Management LLC holds 34,133,098 shares after increasing its stake by 398,073 shares, valued at approximately $5.79 billion.

Shopify Inc. Stock Down 1.6%

Shopify's shares are trading above both their 50-day and 200-day moving averages, currently exceeding the 50-day average by about 14.5% and the 200-day average by around 31.0%. However, the stock is trading about 6.8% below its 52-week high of $182.19, while remaining 80.6% above its 52-week low of $94.00. This indicates a strong performance relative to its recent lows but highlights some distance from its peak.

12-month forecast

$SHOP price target

Shopify Inc. daily closes and this analyst's $190 target. Not advice.

Recent Earnings

Shopify reported a trailing twelve-month revenue of approximately $13.27 billion, reflecting a year-over-year revenue growth of 33.7%. The company has a net margin of 14.5%, and its return on equity stands at 15.5%. The next earnings report is scheduled for November 3, 2026, which could provide further insights into the company's financial health.

Analysts Set New Price Targets

On October 14, 2026, Baird maintained its Outperform rating on Shopify with a new price target of $190. Earlier in the month, JP Morgan maintained an Overweight rating with a target of $200, while Wedbush reiterated its Outperform rating with a target of $176. Bernstein initiated coverage with an Outperform rating at a target of $160 on September 11, 2026. The consensus among analysts gives Shopify a mean price target of approximately $175.71 based on 48 opinions.

About Shopify Inc.

Shopify Inc. is a technology company that provides tools for businesses of all sizes to start, market, and run their online stores. Based in Ottawa, Canada, Shopify has gained popularity for its user-friendly platform that supports a wide range of e-commerce needs across various regions, including North America and Europe.

Bottom Line

Investors should keep an eye on Shopify's upcoming earnings report on November 3, 2026, along with any further updates from analysts and institutional investors. Baird's recent target adjustment indicates strong confidence in the company's growth potential in the e-commerce space.