William Blair analyst Arjun Bhatia has maintained their bullish stance on SHOP stock, giving a Buy rating on May 3.
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Arjun Bhatia has given his Buy rating due to a combination of factors tied to Shopify’s sustained high-growth profile and operational execution. The company continues to post revenue and GMV expansion above 30%, with results exceeding market expectations and strength diversified across regions, merchant segments, and key strategic vectors such as payments, enterprise, B2B, and offline commerce.
In addition, management’s outlook points to solid double-digit revenue growth and healthy free cash flow margins, indicating Shopify can scale while preserving profitability. Bhatia also views Shopify’s leadership in emerging “agentic commerce” and its role in shaping the Universal Commerce Protocol with major technology partners as a long-term competitive advantage that can drive incremental traffic, orders, and monetization over time.
In another report released on May 3, ATB Cormark Capital Markets also maintained a Buy rating on the stock with a C$250.00 price target.