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$160 Bernstein target on Shopify lands below Street consensus as stock trades at 51x forward earnings

9/13/2026

$160 is the price target Bernstein analyst Mark Shmulik assigned to Shopify Inc.

(NASDAQ: SHOP) upon initiating coverage at Outperform on September 11, sitting $15 below the 12-month analyst consensus median of $175 that implies roughly 38% upside from SHOP's share price as of that date.

The call landed against a stock that had fallen 17.04% over the prior month, even after Q2 results showed GMV, revenue, gross profit, and free cash flow each growing above 30%.

The valuation spread SHOP's forward P/E stands at 51. That is a 2.3x premium to peers, a spread Bernstein's Outperform accepts rather than questions.