Bernstein Initiates Shopify at Outperform With $160 Price Target

According to CNBC, Bernstein initiated coverage of Shopify with an outperform rating and a $160 price target, implying 26% upside from Thursday's close. Analyst Mark Shmulik said risks tied to an artificial intelligence-led sell-off appear overstated and argued that Shopify sits at the intersection of e-commerce, software and payments. He added that AI lowers barriers for new builders and expands the market, and said Shopify should benefit as an AI winner. Shopify fell 21% in 2026 amid the so-called SaaSpocalyse, when investors sold software stocks over fears that AI would take market share. The company reported earnings and revenue on Aug. 5 that beat analyst expectations, and its third-quarter revenue guidance also topped consensus. Shares rose more than 2% in premarket trading, and LSEG data showed 38 of 50 analysts rate the stock a buy or strong buy.