Shopify (NASDAQ:SHOP) shares rose 2.5% in premarket trading after Bernstein SocGen Group initiated coverage of the e-commerce platform company with an Outperform rating and a $160 price target.
The coverage was initiated on September 10, 2026. The $160 target compares with Shopify’s previous closing price of $126.60.
Shopify shares had declined approximately 13% over the preceding week, according to the supplied material.
Bernstein estimated that Shopify has captured approximately 14% of the US market. The firm also said international, physical and business-to-business commerce collectively represent more than 60% of the company’s total sales volume.
Bernstein’s rating, price target and assessment of Shopify’s competitive position represent the firm’s views rather than company guidance.
Shopify Discusses AI-Driven Product Discovery
Shopify management also spoke at a Goldman Sachs conference on September 10, providing information about traffic generated through artificial intelligence tools.
According to management, searches initiated through large language models are reaching product pages at approximately 2.5 times the rate of traditional search traffic.
The company also said merchants reached through AI-driven discovery channels were seeing an approximately 80% increase in conversion. These figures represent management’s observations as presented in the supplied material.
US Equity Markets Trade Higher
Shopify’s premarket increase occurred as broader US equity markets also moved higher. The S&P 500 and Dow Jones gained approximately 0.6%, while the Nasdaq rose 0.7%, according to the source.
The supplied material cited the Bernstein coverage initiation and Shopify management’s comments about AI-related commerce as developments preceding Friday’s premarket increase.
No new financial guidance or other company announcement was identified in the source.
Shopify stock price
