The Benchmark analyst Mark Zgutowicz upgraded Shopify (SHOP) to a Buy position with a new price prediction at $150. According to the firm’s projections “comfortable upside” exists in Shopify’s GMV numbers and will experience its strongest boost because of enhanced business and Shopify Plus growth in monthly recurring revenue and GMV.

Shopify Audiences has become a significant growth factor because it remains exclusive to Shopify Payments customers who operate as Plus merchants within the U.S. and Canada. The company expects Shopify Audiences and Campaigns to achieve wider market expansion in 2025 which will create more growth potential for merchants globally.