RBC Capital Raises Shopify (SHOP) Price Target to $200

RBC Capital reaffirms its bullish stance on Shopify with a new price target of $200, a 17.99% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 11:15 AM EDT · Updated Oct 16, 2026, 8:15 PM EDT

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RBC Capital raised its price target on Shopify Inc. ($SHOP) to $200 from $180 on October 16, 2026, and rates the stock "Outperform".

SHOP Shopify Inc.

$169.52 +7.84% year to date

Daily close · Oct 16, 2026

Key Points

On October 16, 2026, RBC Capital reiterated its Outperform rating on Shopify Inc. with a target price of $200.
RBC Capital's $200 price target implies 17.99% upside from Shopify Inc.'s ($SHOP) current $169.51 share price.
Shopify shares recently traded at $169.28, which is about 15.4% below the analyst's target.
The company's next earnings report is scheduled for November 3, 2026, and it has a market cap of approximately $229.2 billion.

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RBC Capital has reiterated its Outperform rating on Shopify Inc. (SHOP) with a price target of $200, as of October 16, 2026. This marks a revision from the previous target of $180. The recent trading price for Shopify shares is $169.28, which is about 15.4% below RBC's new target.

Analyst rating track record

RBC Capital vs. the S&P 500

YTD return -2.24% hypothetical

All-time return -2.24% S&P 500 +3.01%

vs. S&P 500 -5.25% behind the index

Hypothetical returns from RBC Capital's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in Shopify

Several other institutional investors have also been active in Shopify. Capital International Investors grew its stake by 4,835,606 shares, bringing its total to 54,893,641 shares worth about $9.3 billion. FMR, LLC added 1,342,896 shares for a total of 47,175,518 shares valued at approximately $7.9 billion. Invesco Ltd. increased its holdings by 192,804 shares, ending with 36,570,929 shares worth about $6.2 billion. Capital World Investors raised its position by 390,881 shares, totaling 34,087,544 shares valued at around $5.8 billion. Vanguard Capital Management LLC also boosted its holdings by 398,073 shares, bringing its total to 34,133,098 shares worth about $5.8 billion.

Shopify Inc. Stock Down 1.7%

Currently, Shopify shares are trading above their 50-day moving average by about 14.2% and are also above their 200-day moving average by 30.6%. However, the shares are about 7.1% below their 52-week high of $182.19 and 80.1% above their 52-week low of $94.00. The stock's recent price positions it below the mean analyst target of $175.71.

12-month forecast

$SHOP price target

Shopify Inc. daily closes and this analyst's $200 target. Not advice.

Recent Earnings

Shopify reported trailing twelve-month revenue of approximately $13.27 billion, reflecting a year-over-year growth of 33.7%. The company also posted an EPS of $1.48 and a net margin of 14.5%. The next earnings report is set for November 3, 2026.

Analysts Set New Price Targets

On October 16, 2026, RBC Capital reiterated its Outperform rating on Shopify with a price target of $200. Earlier, on October 6, JP Morgan maintained its Overweight rating and increased its target from $185 to $200. Baird also maintained its Outperform rating with a target of $190 on October 14. Cantor Fitzgerald held a Neutral rating with a target of $158 on October 12, while Wedbush reiterated its Outperform rating with a target of $176 on September 23.

About Shopify Inc.

Shopify Inc. is a technology company that provides tools for businesses to start, scale, market, and manage operations across various regions, including North America and Europe. Its services cater to businesses of all sizes, making it a key player in the commerce technology sector.

Bottom Line

Investors should keep an eye on Shopify's upcoming earnings report on November 3, 2026, along with further analyst ratings and institutional activity. RBC Capital's recent reiteration of its rating and price target reflects a positive outlook for the company amidst its current market position.