Shopify: An AI Winner Not A Loser (Rating Upgrade)

2026-03-05 11:45:53 ET

It has been over a year since I initiated coverage on Shopify Inc. ( SHOP ), and so an update is now much needed. In a technical analysis piece published in late February 2025, I expressed my view that the stock was only a hold. As you can see in the chart below, after some ups and downs, the stock has gained about 10% since I initiated coverage. Why this isn't bad, it does underperform the S&P 500's ~14% gain over this period, and so I would say that my hold rating has actually held up quite well. Nonetheless, today I will be offering a fresh perspective on the company's fundamentals....

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