Shopify (SHOP, Neutral, $155 target) Strong results/guidance can’t buck the SaaS contagion
In this first take following this morning’s results we focus on:1. SHOP’s AI narrative is strong, but SaaS sector anxiety overwhelms
2. Economics of agentic commerce are similar to online stores
3. New cohorts led GMV expansion as Europe remains a source of growth
4. Share buyback authorization likely for extreme conditions….like now?
5. Opex guidance in line but FCF margin slightly lower in 1Q25 owing to taxes
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