Morgan Stanley analyst Adam Wood has reiterated his view that Shopify (SHOP) stands to benefit as agentic shopping gains momentum.

In a research note to clients on Tuesday, Wood wrote: "Shopify monetizes on transactions, not ad impressions. This makes the platform agnostic to where demand comes from, which is increasingly valuable as the channels through which consumers discover products become more fragmented."

Wood believes this trend will not change market earnings expectations for now, but as margins expand, there is potential for the core business to accelerate. He rates the stock Overweight with a price target of $192, slightly above the Wall Street consensus average.

Shopify has underperformed the broader market this year, with its shares down more than 10% in 2026 and currently trading around $144.