Wells Fargo raised the firm’s price target on Shopify (SHOP) to $198 from $125 and keeps an Overweight rating on the shares. The firm sees Shopify as an under-earning asset positioned to be a primary beneficiary from changes in AI search and discovery. Wells forecasts Shopify to capture demand-generation economics in AI world, taking its revenue/adjusted OI estimates 20%-plus/50%-plus above street by 2028.
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