Shopify (SHOP) shares plunged 5.03% in pre-market trading on Friday, as investors grappled with mixed analyst sentiment and lingering concerns about potential tariff impacts. The e-commerce platform provider faced a flurry of price target adjustments from major Wall Street firms, contributing to the stock's volatility.

Several analysts lowered their price targets for Shopify, with Stifel cutting its target to $100 from $120, JP Morgan reducing it to $115 from $124, and Barclays trimming to $94 from $100. However, the picture was not entirely bearish, as Capital One upgraded Shopify to Overweight from Equalweight, adjusting its price target to $112 from $105. Morgan Stanley also raised its target price to $112 from $106, adding to the mixed sentiment.

Despite the company's efforts to reassure investors that tariffs won't have a "meaningful impact" on its business, the market appeared to remain cautious. The average analyst rating for Shopify stands at "overweight" with a mean price target of $113.20, according to FactSet data. As the e-commerce sector continues to evolve in a challenging macroeconomic environment, investors will likely keep a close eye on Shopify's ability to navigate these headwinds and maintain its growth trajectory.