ATB Cormark downgrades Shopify stock to Sector Perform

Published on 10/23/2026 at 11:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

RBC sets a USD 200.00 target for Shopify on October 16, 2026. Shopify stock costs EUR 151.01 at Lang & Schwarz on October 23, 2026, with second-quarter revenue of USD 3.58 billion.

Target changes and earnings date

ATB Cormark moved its rating to Sector Perform on October 22, 2026, with a CAD 234.00 target.
Shopify reported USD 3.58 billion in second-quarter 2026 revenue and USD 654.00 million in free cash flow.
Shopify stock trades at EUR 151.01 at 11:06 a.m. CEST at Lang & Schwarz on October 23, 2026.
Shopify plans to publish third-quarter 2026 results on November 3, 2026.

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Shopify stock trades at EUR 151.01 at Lang & Schwarz on October 23, 2026 at 11:06 a.m. CEST. ATB Cormark downgraded Shopify from Outperform to Sector Perform and set a CAD 234.00 target on October 22, 2026, as TIKR reported.

Analyst targets split ahead

The downgrade contrasts with recent target increases. Markets Insider reported that RBC Capital analyst Paul Treiber maintained a Buy rating on October 16, 2026, and set a USD 200.00 target.

On October 14, 2026, Robert W. Baird raised its target from USD 160.00 to USD 190.00 while maintaining an Outperform rating, according to MarketBeat. The different targets show that analysts are weighing growth potential against an already demanding valuation.

What does the growth support?

Shopify's second-quarter 2026 revenue reached USD 3.58 billion, up 34 percent year over year, while free cash flow was USD 654.00 million, according to The Globe and Mail. Free cash flow represented an 18 percent margin, giving investors a concrete measure of how sales growth translated into cash generation.

Three dated signals before results

On October 14, 2026, Baird raised its target to USD 190.00 from USD 160.00. On October 16, 2026, RBC Capital set a USD 200.00 target after maintaining its Buy rating. On October 22, 2026, ATB Cormark moved to Sector Perform with a CAD 234.00 target.

Next dates for investors

Shopify plans to announce third-quarter 2026 results before the market opens on November 3, 2026, followed by an earnings call at 8:30 a.m. ET, according to the company's Shopify release dated October 6, 2026.

Price stays tied to the earnings test

The next report will test whether revenue growth and cash generation can support the range of analyst targets. Shopify's platform serves merchants in more than 175 countries, while the company identifies Nasdaq and TSX as its listings.

Shopify was trading at EUR 151.01 at Lang & Schwarz on October 23, 2026 at 11:06 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Shopify stock.