TD Cowen analyst John Shao has maintained their bullish stance on SHOP stock, giving a Buy rating on April 1.
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John Shao has given his Buy rating due to a combination of factors tied to the early stage of agentic commerce and Shopify’s positioning. After studying Chinese implementations using Alibaba’s Qwen model, he concludes that meaningful adoption is still nascent, which supports Shopify’s cautious stance on near‑term AI monetization rather than undermining it.
He also argues that Shopify is structurally well protected against potential AI disruption because successful agentic commerce requires tight vertical integration that large language models cannot easily replicate on their own. As North American AI providers lack this depth of integration, Shao expects them to depend more heavily on commerce platforms like Shopify, reinforcing the company’s strategic importance and justifying a positive outlook on the stock.
In another report released on April 1, CIBC also maintained a Buy rating on the stock with a $185.00 price target.