Shopify is uniquely positioned to withstand tariff pressures when compared to the rest of the e-commerce space, according to BMO Capital Markets. The firm initiated Shopify with an outperform rating and a $120 per share price target. That forecast signals about 22% upside from Monday's close. "While tariffs create near-term risk, we believe SHOP's core strength is the agility that its platform provides to merchants," analyst Thanos Moschopoulos wrote in a Tuesday note. "In our view, tariff-related disruption will make this competitive differentiator all the more relevant, driving accelerated share gains." SHOP YTD mountain Shopify stock in 2025. Shares have pulled back more than 7% in 2025, as President Donald Trump's efforts to reshape U.S. trade policy have roiled both Wall Street and businesses. To date, no trade deals have been completed between the White House. On goods from China, Trump implemented a 145% duty. But the analyst said Shopify's efforts to build up its business-to-business while also growing market share are examples of the company's multitude of avenues for growth. "SHOP has achieved better growth and operating leverage in recent quarters, since divesting logistics in 2023," he said. "Looking forward, we see substantial runway for growth on several fronts—which we believe SHOP can successfully capitalize on given the strength of its market position." Moschopoulos also pointed to artificial intelligence helping Shopify increase productivity, as well as the company's cost cutting efforts as other tailwinds. Analysts overall are mostly bullish on Shopify. LSEG data shows that 33 of 48 analysts covering the stock rate it a buy or strong buy. The average price target also points to 22% upside.