Why Shopify will win the conversation commerce wars

Investing.com -- Shopify is well positioned to benefit from the rise of conversational commerce as Ai reshapes how consumers discover and buy products, MoffettNathanson said, upgrading the stock to Buy from Neutral.

The brokerage said recent weakness in software stocks tied to concerns over AI disruption has pulled Shopify lower due to perceived vulnerability. It argued that the selloff has created an attractive entry point for a company it sees as a long-term winner as AI-driven shopping tools gain traction.

MoffettNathanson said Shopify stands to benefit from the shift rather than be disrupted by it. The firm pointed to growing consumer adoption of conversational commerce, where purchases are increasingly initiated through chat-based interfaces and AI assistants. In that environment, it said direct-to-consumer commerce is taking share from marketplaces such as Amazon, as new forms of product discovery change how shoppers find brands.

The note said Shopify’s strategy of integrating with emerging AI-driven shopping ecosystems is helping it attract merchants. As companies look for ways to connect with customers through new discovery channels, the firm said Shopify’s platform is becoming a natural destination for both large and small sellers.

MoffettNathanson expects the trend to accelerate following new e-commerce protocols announced by major technology platforms, which it said could further strengthen direct commerce models.

The upgrade was driven by the long-term growth opportunity rather than near-term valuation alone, the firm said. It raised its price target to $150 from $122 and said it expects operating income in 2026 to come in about 15% above broader market estimates.

While the timing comes just ahead of earnings, the brokerage said the call reflects a structural view that conversational commerce could reshape online retail and that Shopify is positioning itself to capture a meaningful share of that shift.

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