KeyBanc Maintains Overweight on SHOP (Shopify Inc.) Feb 11, 2026

KeyBanc maintained an Overweight rating on Shopify Inc. (SHOP) on Feb 11, 2026, while lowering its price target to $160 from $200. This SHOP analyst rating shows KeyBanc still favors Shopify’s growth prospects despite trimming upside. The firm flagged valuation compression as the reason for the target cut. The move matters because a maintained Overweight with a lower target signals confidence in fundamentals but concern over near-term multiples.