ATB Cormark downgraded Shopify (SHOP) stock. The rating moved to "Sector Perform" from "Outperform." The firm maintained a C$234 price target.
The downgrade occurred on October 22, 2026. It followed a 56% increase in Shopify's stock price. This increase happened over the preceding three months.
Analysts suggest the downgrade reflects a valuation call. They note the stock's rapid appreciation priced in much positive news. This included strong growth from AI shopping partnerships.
Shopify's shares declined following the announcement.
Some view ATB Cormark's move as a reasonable step. This follows the stock's strong performance.