Shopify Sep 21

Rating Company Date 21 September 2026 Buy Shopify North America Reuters Bloomberg Rating Buy SHOP.OQ SHOP US Price target (USD) 185.00 United States Price at 18 Sep -week range 179.01 – 95.40 TMT Software Valuation & Risks

Quick Thoughts on Muse Partnership Bhavin Shah, CFA Shopify CEO Tobi Lütke announced that Shopify is partnering with Meta’s new Research Analyst personal AI agent, Muse, enabling consumers to discover products from Shopify merchants and complete purchases through Shop Pay within the Muse Brad Zelnick experience. The partnership is not particularly surprising given the companies’ Research Analyst existing relationship across Facebook and Instagram, where Shopify already supports product synchronization, merchant management, and integrated Chris Fountain checkout. We view the announcement as strategically important because it Research Associate provides another proof point that leading AI platforms are integrating with Shopify’s commerce infrastructure. Muse can search Shopify Catalog for relevant products, with Shop Pay supporting the transaction through checkout. Nick Giovacchini Research Associate We believe the partnership helps refute the recent bear thesis that AI agents and personal shoppers could disintermediate Shopify and its large payments business. In fact, the partnership suggests the opposite and reinforces Shopify’s core strengths: structured product data through Shopify Catalog, merchant connectivity, trusted checkout through Shop Pay, and the underlying infrastructure required to complete an order. We do acknowledge that there are still questions around the monetization of these personal assistants and if they will take a cut of the transaction (and if it impacts Shopify's current transaction fees, both explicit and implicit). This is another concern from investors and we look forward to learning more about this over the coming months. From our perspective, we see ample room for dollars to shift away from merchants’ customer-acquisition budgets (vs. ecommerce platforms), particularly if these agents drive meaningful improvements in discovery and conversion.

Longer-term, we continue to view agentic commerce (inclusive of personal shopping assistants) as TAM-expansive as agents can reduce friction across discovery, comparison, and checkout, which together should increase e- commerce penetration. Separately, we also see believe Shopify (and its merchants) has the opportunity to take a larger share of the growing ecommerce pie as this new channel will vastly increase merchant visibility to consumers who otherwise might have not discovered smaller/specialized merchants and purchased via larger marketplaces instead.

Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Appendix 1 Important Disclosures

Company Ticker Recent price Disclosure Shopify SHOP.OQ 128.5 (USD) 18 Sep 26 NA

Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources.

For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at Aside from within this report, important risk and conflict disclosures can also be found at Investors are strongly encouraged to review this information before investing.

Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Bhavin Shah…