Here’s what BMO thinks of Shopify right now

BMO Capital Markets has initiated coverage of Shopify (Shopify Stock Quote, Chart, News, Analysts, Financials NYSE:SHOP) with an “Outperform” rating and a $120.00 price target, modestly above the Wall Street consensus target of $117.90, saying the company is well-positioned to navigate tariff-related disruption while continuing to grow across multiple fronts.

On March 25, analyst Thanos Moschopoulos said Shopify’s platform gives merchants a level of agility that should help the company hold up better than peers if tariff pressures intensify.

“While tariffs create near-term risk, we believe SHOP’s core strength is the agility that its platform provides to merchants,” he said. “In our view, tariff-related disruption will make this competitive differentiator all the more relevant, driving accelerated share gains.”

Moschopoulos also pointed to Shopify’s AI initiatives as a potential earnings tailwind, adding to the firm’s positive long-term view on the stock.

Shopify is scheduled to report first-quarter results on May 8. Analyst consensus calls for revenue of $2.33-billion and earnings per share of $0.26.

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