Tariffs Won’t Have a ‘Meaningful Impact’ on Shopify Stock (SHOP)

Shopify (SHOP) executives reassured investors that tariffs won’t have a “meaningful impact” on its gross merchandise volume (GMV). Leaders of the e-commerce company highlighted its global reach and diverse merchant sources when addressing concerns about tariffs.

Shopify’s tariff comments came during a conference call after it posted Q1 2025 earnings. Those results were largely positive, with adjusted earnings per share of 26 cents and revenue of $2.36 billion looking good compared to Wall Street’s estimates of 26 cents per share and revenue of $2.34 billion.

However, investors were worried about the company’s future profits as the trade war continues. This rattled SHOP stock shortly after earnings were announced yesterday, but SHOP stock mostly recovered before the closing bell.

Analyst Updates on SHOP Stock

Several analysts updated their coverage of Shopify after the company released its Q1 earnings. Despite tariff concerns, SHOP managed to score a couple of upgrades thanks to its strong performance.

Here’s a quick summary of the analyst updates:

• ATB Capital Markets’ Martin Toner upgraded SHOP stock to Buy and increased his price target from $111.24 to $114.83.
• Four-star Goldman Sachs analyst Gabriela Borges reiterated a Buy rating, but decreased her price target from $130 to $120.
• Four-star Capital One Financial analyst Connor Murphy upgraded SHOP stock to a Buy rating and maintained a $112 price target.

Four-star Jefferies analyst Samad Samana was less enthusiastic about SHOP stock than his peers. He maintained a Hold rating and $110 price target while warning clients that tariff risks were “yet to be resolved.”

Is SHOP Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Shopify is Moderate Buy, based on 27 Buy and 14 Hold ratings over the last three months. With that comes an average SHOP price target of $118.35, representing a potential 27.11% upside for the shares.

See more SHOP stock analyst ratings