On July 20, Shopify rose 3.23% in regular trading, trading at $127.55/share, with turnover of $472 million. The rally was driven by a cluster of analyst upgrades and the recently announced DoorDash logistics partnership.

On the ratings front, Stifel upgraded Shopify from Hold to Buy, Furey raised its rating to Buy with a target price increase from $140 to $160, and CIBC reaffirmed its Outperform rating with a $185 target price—implying roughly 50% upside from current levels. Furey highlighted Shopify's positioning in the agentic commerce infrastructure layer as a key long-term growth driver.

Additionally, DoorDash announced an integration with Shopify enabling local retail merchants to manage instant fulfillment orders directly within the Shopify backend, covering categories including beauty, home goods, and electronics. The partnership broadens omnichannel conversion capabilities for merchants. Meanwhile, Shopify Plus merchant site traffic growth accelerated to approximately 25%, up from around 20% in Q1. The company is scheduled to report Q2 results on August 5 before market open, with consensus EPS estimated at $0.28.

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