Shopify (SHOP) is expected to see a "modest" tailwind from standardizing its payment terms, Oppenheimer said in a report Wednesday.

The note said Shopify will raise payments fees in April across a subset of long-time US and Australian merchants, with changes applying to premium card online transactions.

"The action should be viewed as a standardization rather than an increase, impacting pre-24/25 merchants cohorts," the report said. "Depending on premium card mix, we estimate a 3-7bps uplift to Payment take-rate in 2Q and beyond."

The note also said Shopify remains "bullish" on agentic commerce and remained committed to its OpenAI partnership amid OpenAi's step back from commerce.

The company is indifferent to "winners" at such an early juncture, choosing to support channels broadly assuming protocols will eventually converge, the note said.

Oppenheimer kept its outperform rating and a $200 price target.

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