Shopify drew a bullish view from BofA Securities analyst Tal Liani, who said the company could benefit from the shift toward AI-driven agentic commerce. • Shopify shares are trending higher. What’s driving SHOP shares up?BofA Sees AI Commerce UpsideLiani reinstated coverage of Shopify with a Buy rating and a $150 price price forecast on Tuesday.The analyst said concerns that AI platforms could bypass Shopify have pressured the stock. Still, he believes Shopify’s checkout, payments and backend infrastructure could become more important as AI-native transactions grow.Analyst Highlights Growth and Margin ExpansionLiani said Shopify also benefits from international expansion and larger merchant adoption, with first-quarter international GMV up 45% year over year and ex-U.S. payments up more than 70%.He modeled revenue growth of 28.3% in calendar 2026 and 24% in calendar 2027, with operating margin rising from 18.1% in calendar 2026 to 18.8% in calendar 2027 and free cash flow margin improving to 18.3% in calendar 2027.Technical AnalysisFrom a trend perspective, Shopify is trading above its 20-day SMA ($113.04), 50-day SMA ($112.05) and 100-day SMA ($116.95), but it remains about 10% below its 200-day SMA ($135.96), which keeps the longer-term recovery "in progress" rather than fully repaired. The 20-day SMA above the 50-day SMA is a near-term bullish alignment, but the March Death Cross (50-day below 200-day) remains the bigger-picture overhang.Earnings & Analyst OutlookLooking further out, the next major catalyst for the stock arrives with the Aug. 5 (estimated) earnings report.