Shopify (SHOP.US) is poised to close higher for a fourth consecutive week: Analysts see up to 10% upside ahead of Q3 earnings.

Shopify Inc. (SHOP.US) is poised to close higher for a fourth consecutive week, with analysts seeing up to 10% upside ahead of its fiscal 2026 third-quarter earnings report. Jefferies expects stronger gross merchandise volume (GMV), while Baird raised its price target to $190, further boosting optimism. As of press time, Shopify shares were down 2.3% in premarket trading. So far this week, the stock has gained nearly 1%. Jefferies Bullish on Shopify's Growth Potential Jefferies reiterated its "Buy" rating and $175 price target on Shopify. The firm said its assessment of third-party data suggests GMV could beat expectations, sending a positive signal ahead of the earnings release. The firm also views the fourth-quarter outlook as reasonable. Although Shopify shares have already risen on earnings expectations, Jefferies believes strong results and clearer details on the company's relationship with Muse could provide fresh support for the stock. Meta Platforms (META.US) and Shopify are collaborating to let Meta's personal AI assistant Muse purchase goods on behalf of users from stores on the Shopify platform. Shopify said the feature will work with Shop Pay, its one-click checkout service that stores customers' payment and shipping information. Shopify CEO Tobi Ltke said in a post on X last month: "We're excited to announce a deep partnership with Muse to enable agentic checkout across all Shopify stores through Shop Pay, giving users an easy and enjoyable way to shop and check out through Muse." Baird Raises Shopify Price Target Baird raised its price target on Shopify to $190 from $160 and maintained an "Outperform" rating. The revised target implies 10% upside from the last closing price. Also on Monday, Cantor Fitzgerald raised its Shopify price target to $158 from $145 but kept a "Neutral" rating. The firm expects Shopify's third-quarter GMV, revenue, and operating income to beat expectations, with sales growth in the low 30% range. Shopify plans to release its third-quarter earnings on Nov. 3. According to Fiscal.ai data, analysts expect revenue of $3.74 billion and earnings per share of $0.46. GMV trends and guidance could help determine whether the stock has further room to rise. On Stocktwits, retail sentiment toward the stock remains in "neutral" territory. One user said: "Less than three weeks until earnings! Everything's red today, but by Friday this will break $180!" Another user said: "The institutions that bought and pushed this stock up over the past two weeks will lose a lot of money soon." Shopify shares are up 7% year to date.