Wells Fargo lowered the firm’s price target on Shopify (SHOP) to $191 from $198 and keeps an Overweight rating on the shares. The firm notes some tax-related free cash flow margin headwinds in Q1/2026, but says it sees such as transitory as Shopify executes against future Agentic commerce opportunities. Wells sees stock weakness as opportunity as Shopify has much more AI opportunity than risk.
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