Shopify's stock surged 9.81% intraday on Wednesday, marking a significant upward movement for the e-commerce platform provider.

The rally followed an analyst upgrade from Truist, which shifted its rating on Shopify to buy from hold and raised its price target to $150 from $110. Analysts noted that recent AI-related jitters that sent software stocks lower have created an attractive buying opportunity for long-term investors in Shopify.

Truist highlighted the company's growth drivers, including international expansion, payments, enterprise solutions, B2B operations, and its move into agentic commerce and AI, as factors that can sustain one of the best profitable growth profiles at scale in the software sector.