Shopify (SHOP) delivered a broad-based outperformance in Q2, with results well ahead across all metrics, including revenue and gross merchandise volume, Wedbush said in a Thursday note.

"This quarter was a testament that Shopify continues to play a more critical role in global commerce," the report said.

The note pointed among others to US e-commerce share gain, in B2B, international, and increasingly in enterprise.

The report also said Shopify is building for agentic commerce with products like Catalog, API integrations with vibe coders, and also leaning into AI products for merchants' stores.

"These functionality improvements, along with other strengths like payments are also creating a stronger enterprise offering, the note said.

Wedbush raised its price target to $176 from $155 while retaining its outperform rating.

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