Shopify soared 28% after a clean Q2 beat, with analysts hiking targets on durable growth. Energy earnings also drew upgrades across Suncor, CNQ, Keyera and South Bow.
Shopify Inc. shares surged 28% this week, landing among the top 15 performers on the S&P/TSX Composite index. The jump followed what TD Cowen analyst Todd Coupland called a "clean Q2 beat." Coupland upgraded his stance, writing in an Aug. 5 note that he would "buy SHOP for durable profitable growth and agentic commerce optionality."
Revenue, gross merchandise value, free cash flow and gross profit each rose more than 30% in the second quarter compared with the same period last year. Coupland said the trend should extend into the next quarter. He raised his price target to $308 from $262. Shares closed Friday at $211.10.
Earlier in the year, AI fears dogged Shopify. The stock fell as much as 44% from early January to mid-May before investors reconsidered the notion that AI would give businesses the tools to bypass the platform. The second-quarter report changed that conversation.
J. Parker Lane, managing director at Stifel U.S. Equity Research, said the earnings "validated two key pillars of our investment case." Those pillars: Shopify's lead in market share gains, which continue to outpace broader e-commerce growth, and its use of AI to extend that lead. Lane raised his price target to $252 from $212.
The 12-month consensus price target sits at $235.48, based on 50 analyst estimates tracked by Bloomberg.
Several Canadian energy companies reported earnings this week, and analysts moved their price targets higher. Higher energy prices helped results.
RBC Capital Markets analyst Greg Pardy said Suncor Energy Corp. remains among his top global energy ideas for 2026, even after the company reported mixed second-quarter results that pushed its shares down 10% this week. Pardy kept his outperform rating and $100 price target, citing cash flow generation, an underleveraged balance sheet and attractive shareholder returns. Shares closed at $83.86.
South Bow Corp. posted a positive revision to its full-year earnings forecast, said Raymond James analyst Michael Barth. He believes positive final investment decisions on several projects not yet reflected in the share price will boost the stock. Barth raised his target to $62 from $61. Shares closed at $49.66.
At Keyera Corp., RBC's Maurice Choy lifted his price target to $66 from $62 after the company said its projects should perform better than earlier guidance implied. The stock closed at $57.11. RBC is acting as a financial adviser on Keyera's acquisition deal.
Chris MacCulloch at Scotia Capital raised his target for Canadian Natural Resources Ltd. to $73 from $71. He said CNQ is among the best positioned companies in the oilpatch to benefit from an improved climate in the Canadian energy sector. Shares closed at $63.45.
For a deeper look at the energy sector and commodity trends, visit the commodities analysis page.
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