These Analysts Increase Their Forecasts On Shopify Following Q3 Results

Author: Avi Kapoor | November 05, 2025 08:35am

Shopify Inc. (NASDAQ:SHOP) reported better-than-expected sales for the fiscal third quarter on Tuesday.

The company’s quarterly revenue growth of 32% year-over-year to $2.84 billion beat the analyst consensus estimate of $2.76 billion. The e-commerce platform company reported adjusted EPS of 34 cents, which was in line with the analyst consensus estimate.

Shopify expects fourth-quarter revenue growth to be in the mid-to-high twenties percentage rate on a Y/Y basis (roughly $3.51 billion to $3.59 billion), versus an analyst consensus estimate of $3.48 billion.

It projects a free cash flow margin of slightly above that of the third quarter of 2025. Shopify expects fourth quarter gross profit dollars to grow in the low to mid-20s percentage year-over-year.

Shopify shares fell 0.03% to close at $173.80 on Tuesday.

These analysts made changes to their price targets on Shopify following earnings announcement.

• BMO Capital analyst Thanos Moschopoulos maintained Shopify with an Outperform rating and raised the price target from $180 to $190.
• Morgan Stanley analyst Keith Weiss maintained the stock with an Overweight rating and raised the price target from $165 to $192.

Considering buying SHOP stock? Here’s what analysts think:

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Posted In: SHOP