Morgan Stanley reiterated its Overweight rating and $192 price target on Shopify, citing the company’s potential to benefit from agentic AI shopping. The bank said Shopify is well-positioned as AI assistants take a larger role in product discovery and purchases.
Morgan Stanley’s bullish view centers on Shopify’s transaction-based revenue model, which it sees as less exposed than advertising-based platforms that AI agents may bypass. The firm believes Shopify can monetize sales regardless of where they originate, making it a foundational platform for AI-driven commerce.