Shopify, Inc.: Positioned at the core of commerce’s next phase; Reinstate Buy and $150 PO

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Shopify, Inc.: Positioned at the core of commerce’s next phase; Reinstate Buy and $150 PO

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Shopify, Inc.

Positioned at the core of commerce’s next

phase; Reinstate Buy and $150 PO

Reinstating Coverage: BUY | PO: 150.00 USD | Price: 120.14 USD

Agentic commerce drives next phase of growth 07 July 2026

We are reinstating coverage with a Buy and a $150 PO, based on 22x CY27E EV/Gross Equity

Profit, as we believe Shopify could be a core beneficiary of the shift toward AI-driven,

agentic commerce rather than being disintermediated by it. We see Shopify’s backend TalResearchLiani Analyst

infrastructure, such as checkout and payments, as increasingly central to AI-native BofAS

transactions, potentially supporting future revenue growth. Concerns around platform +1tal.liani@bofa.com646 855 5107

bypass have driven shares down 25% YTD, creating an attractive entry point, in our view. Kevin Niederpruem

Research Analyst

AI debate misses Shopify’s structural advantage BofAS+1 646 855-1540

The key debate centers on whether AI threatens Shopify’s role in the commerce stack. kevin.niederpruem@bofa.com

We believe there is a misunderstanding around Shopify’s involvement with agentic AI Eden Vacnich

and disagree with the bear thesis. As discovery shifts to agentic interfaces, value BofAS

accrues to the transaction and infrastructure layers, where Shopify is deeply embedded. +1 646 855 1971

eden.vacnich@bofa.com

With agentic commerce estimated to reach ~20% of ecommerce by 2030, this evolution

is a meaningful opportunity for Shopify, and the company is poised to materially benefit.

Multiple durable growth levers beyond AI Stock Data

Shopify benefits from other durable growth drivers such as international expansion and Price 120.14 USD

enterprise penetration.