Bank of America reinstates Shopify with Buy rating on AI-driven commerce growth potential

Bank of America has reinstated coverage on Shopify with a Buy rating and a $150 price target, highlighting the company's potential to benefit from AI-driven "agentic commerce," international expansion, and enterprise adoption. The bank expects Shopify to play a key role in AI-powered shopping transactions due to its payments and checkout infrastructure. Despite investor concerns about AI disrupting Shopify, the bank believes the company will benefit from this shift. Shopify's international revenue and enterprise customer base are growing strongly, with forecasts of 24%-28% revenue growth through 2028 and expanding operating margins.