SHOP
Another analyst says ‘keep it moving’
Shopify is catching a bid after Piper Sandler reiterated its Overweight rating and $180 price target. The firm’s pitch is basically: agentic shopping — AI tools that can help shoppers search, compare, and buy — could be a bigger deal for Shopify than the market is giving it credit for.
Why the Street is suddenly obsessed with robots buying stuff
Piper said it spoke with a Shopify agency owner and a member of the company’s Partner Network, and the takeaway was pretty simple: demand for Shopify migrations is picking up as agentic tools get more popular. In other words, merchants may be looking to get onto Shopify because that’s where the future checkout traffic could live.
The firm also tossed out a few spicy stats:
- agentic transactions are being adopted at roughly 2x the rate of large language models
- they’re generating about 2x the average order values
- less than 2% of gross merchandise volume is currently driven by agents
- that compares with 3% to 5% for large language model traffic
So no, the robots are not running e-commerce just yet. But Piper thinks this is the kind of early innings trend that can snowball into a meaningful share-gain opportunity.
The bigger picture
Piper is modeling 32% year-over-year revenue growth by 2027, above the market’s 26% consensus. Translation: the analysts aren’t just cheering a stock chart wiggle — they think Shopify’s growth runway may be longer and steeper than the crowd thinks.
Big picture: when analysts start talking about AI-fueled merchant demand instead of just valuation multiples, you know the stock has entered the “show me the upside story” phase.