On July 22, Shopify fell 3.08% in regular trading, trading at $119.06/share, with turnover of $182 million. The stock extended losses following a rating downgrade from a major investment bank.

Rothschild & Co Redburn downgraded Shopify from Buy to Neutral, simultaneously cutting its price target from $160 to $130. This downgrade broke what had been a streak of bullish calls on the stock, as Jefferies had recently upgraded to Buy with a $160 target, Stifel upgraded from Hold to Buy, and CIBC maintained an Outperform rating with a $185 target. According to FactSet, the consensus analyst mean price target stands at $150.27, still above the current trading level.

Shopify is scheduled to report second-quarter earnings before the market opens on August 5, with consensus EPS expectations of $0.28. Recent positive catalysts included a DoorDash partnership enabling local retail instant fulfillment and institutional optimism around AI-driven commerce, though the Rothschild downgrade has dampened near-term sentiment.

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