In Case You Missed It: U.S. Most Read Research Week of June 15 – June 19

Research evidence excerpt

In Case You Missed It: U.S. Most Read Research Week of June 15 – June 19

ccess to 250M+ shoppers & 1-click checkout that yields greater conversions, which should support

merchant adoption & Revenue growth over time; 4) AI-powered conversational search in Shop will provide personalized search

results & we believe enhance the buyer experience, drive acquisition, & improve conversions; 5) Campaign Autopilot &

expanded Campaign channels should help SHOP capture greater share of merchants’ ad budgets over time, while AI Sales

Associate could help merchants’ yield higher buyer conversions; 6) SHOP will roll out Prompted Placements with Catalog API,

enabling developers to earn revenue when Catalog-powered experiences drive sales conversions; & 7) Admin redesign &

Agentic Overview will provide centralized AI sales channel management & actionable recommendations. Overall, we believe

SHOP’s product velocity should support greater merchant acquisition & volume over time. We continue to believe SHOP is

well positioned as an AI beneficiary, w/offerings across each layer of the agentic opportunity for e-commerce

platforms — Traffic Channels, On-Platform, & Infrastructure. We remain Overweight & our December 2026 PT of $150

is based on ~22x 2027E Gross Profit of $8.6B, further supported by our DCF model.

North American Power, Utilities, Midstream, LNG, and Nuclear (Jeremy Tonet, CFA) - 18 June 2026

Thoughts into JPM’s 11th Annual Energy, Utilities and Power Conference; Looking for POWERful

Updates Across Coverage: VST, WMB & LNG Most Requested

Live from NY, the 11th annual JPM Natural Resources Conference will take place on June 23-24, featuring 143 corporates

covered in our updated Question Bank. Across the conference, VST, WMB, LNG, TLN, CEG represent five of the top six most