Investor Feedback on Our Recent Upgrade

Research evidence excerpt

Investor Feedback on Our Recent Upgrade

USA | Software

Shopify EquityJulyResearch15, 2026

FLASH NOTEInvestor Feedback on Our Recent Upgrade

The reaction to our upgrade (note: here) has been largely constructive RATING BUY

-- investors agree with the positive catalysts (partner commissions, price PRICE $125.68^

increases) and see SHOP positively positioned as agentic commerce ramps. PRICE TARGET | % TO PT $160.00 | +27%

Pushback included growing competition (agentic and otherwise), the uncertain 52W HIGH-LOW $182.19 - $94.00

timeline for agentic commerce, and small nitpicks. Sentiment on the stock FLOAT (%) | ADV MM (USD) 92.9% | 1,043.16

was slightly worse than on the business due to valuation, but we found it MARKET CAP $164.4B

encouraging overall. TICKER SHOP

^Prior trading day's closing price unless otherwise

noted.

Broad Appreciation for Multiple Tailwinds. Investor feedback has been largely positive -- most

agreed that SHOP continues to separate itself competitively through sustained product innovation

and accelerating AI capabilities while growing enterprise traction. Importantly, many agree that

SHOP is an agentic commerce winner, although the timeline to scale is debated (discussed below).

Importantly, we found broad agreement that SHOP is extending its leadership position in commerce,

that recent product launches strengthen the platform's value proposition, and that consensus may

still underappreciate the company's ability to deliver durable top-line growth.

Some Skepticism on the Agentic Commerce Timeline. Several investors pushed back on the

timeline and magnitude of the agentic commerce opportunity, arguing that the channel remains

nascent and is unlikely to materially affect SHOP's financials in the ST. We broadly agree that