As previously reported, Piper Jaffray analyst Michael Olson downgraded Shopify to Neutral from Overweight and lowered his price target to $145 from $155, saying that Shopify's Q2 was "good, but not good enough" with monthly recurring revenue below investor expectations with a deceleration from 57% to 49% year-over-year growth between Q1 and Q2. While Olson said Shopify is performing well, he believes thisir performance is mostly reflected in the stock's current valuation.

Loop Capital lowered the firm's price target on Shopify to $80 from $90 and keeps a Hold rating on the shares. The firm was "etremely encouraged" by the company's "significant" sequential improvements in sales trends feedback as well as merchant satisfaction, and it is raising its estimates ahead of Shopify's earnings release expected in early May, boosting its FY24 EPS view by 3c to $1.10. Loop notes however that its reduced price target reflects the growing expectation that the U.S. Federal Reserve will lower interest rates fewer times than previously thought, if at all, warning that elevated interest rates will weigh on high growth stock valuations.