Shopify Stock Is More Than 10% Below Its Record. Should You Buy Before Its Nov. 3 Report?

Shopify stock has fallen 12% from its October 12 record high to $157, trading ahead of its November 3 earnings report. While the company has consistently beaten its own guidance throughout 2026, the analyst suggests waiting for the report rather than buying now, as the current valuation of 86x free cash flow already prices in strong quarterly performance. Even beating guidance may not drive significant stock gains, as history shows earnings beats have had mixed results for the stock.