Lightspeed Commerce Inc.: Strategic pivot creates tough setup; Reinstating at Underperform

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Lightspeed Commerce Inc.: Strategic pivot creates tough setup; Reinstating at Underperform

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Lightspeed Commerce Inc.

Strategic pivot creates tough setup;

Reinstating at Underperform

Reinstating Coverage: UNDERPERFORM | PO: 10.00 USD | Price: 8.95 USD

Cautious on upside as Lightspeed navigates transition 19 May 2026

We are reinstating coverage of Lightspeed Commerce with an Underperform rating and Equity

$10 PO. Lightspeed is a cloud-based omnichannel commerce platform that spans point-

of-sale software, eCommerce, payments, and financial services. The company built scale Matt Bullock Research Analyst

through an early‑2020s roll‑up strategy, but integration complexity has weighed on BofAS

growth and execution. Against this backdrop, the company has pivoted to higher‑quality +1matthew.bullock2@bofa.com646 556 2903

growth markets (North American retail and European hospitality). While we view the

shift as directionally positive with improving core trends, reported results remain

constrained by ongoing headwinds in the non‑core portfolio. Looking ahead, we expect

Stock DataLightspeed shares to remain range-bound in the near term. Despite trading at a discount

to peers, the combination of a “noisy” transition story, muted net location growth, and Price (NYS / TOR) 8.95 USD / 12.18 CAD

macro sensitivity in retail and hospitality creates limited visibility into a near-term Price Objective 10.00 USD / 14.00 CAD

inflection. We look for clearer evidence of sustained growth acceleration and free cash Date Established 19-May-2026 / 19-May-2026

flow expansion before becoming more constructive on the stock. Investment Opinion C-3-9 / C-3-9

52-Week Range 8.37 USD - 14.34 USD

Niche and competitive TAM caps upside potential Market Value (mn) 1,241 USD