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Shopify (SHOP) shares inched higher on July 13 after senior Jefferies analyst Samad Samana issued a bullish note in favor of the Canadian e-commerce giant.
Samana upgraded the Nasdaq-listed firm to “Buy” and raised his price target to $160, implying nearly 30% upside from current levels.
His bullish call brings much-needed reprieve to Shopify stock that has otherwise been under immense pressure in 2026, currently down more than 20% year-to-date.
Why Jefferies Upgraded Shopify Stock
Samana recommends owning SHOP shares at current levels primarily because he sees the company as strongly positioned to become “the primary infrastructure layer for agentic commerce.”
According to Samana, as AI agents increasingly intermediate the retail buyer’s journey, Shopify is empowering merchants to capture incremental gross merchandise volume (GMV) with its advanced artificial intelligence enablement toolkit.
Plus, the Jefferies analyst also points to SHOP’s recent decision to restructure partner commissions starting next month.
By tying partner payouts directly to the real value generated on the platform, Shopify incentivizes third-party developers to target and onboard much larger merchants, which should accelerate high-margin growth, he added.
What to Expect From Shopify’s Q2 Earnings
In the research note, Samana also told clients that Shopify will likely come in ahead of Street estimates as it reports its fiscal Q2 earnings in early August.
Consensus is for the company to report earnings per share (EPS) of $0.28, representing 12% year-over-year growth.
The Jefferies expert also remains fully convinced that robust AI integrations will pave the way for another major price increase that may help unlock further upside in Shopify shares in 2027.
Note that SHOP has a history of closing July with a more than 5% gain on average, followed by a 6.61% increase in August — a seasonal pattern that improves its near-term appeal.
What’s the Consensus Rating on SHOP Shares?
Other Wall Street analysts seem to agree with Jefferies' bullish view on SHOP stock as well.
The consensus rating on Shopify sits at “Strong Buy” currently, with the mean price objective of about $150 signaling significant potential upside from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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