The Globe and Mail reports in its Friday, Jan. 9, edition that Scotia Capital analyst Kevin Krishnaratne upgraded Shopify to "sector outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Krishnaratne's share target soared $35 to $200 (all figures U.S.). Analysts on average target the shares at $179.27. Mr. Krishnaratne says in a note: "We've always said that Shopify should be a core holding; now we're saying buy the stock. Agentic Commerce (A-Commerce) has arrived, and Shopify is ready to capitalize on an opportunity that has the potential to reshape the retail industry, similar to how e-commerce fundamentally changed the structure of traditional commerce. It's still early, but we do believe a-commerce can be incremental to total retail, not simply a straight substitute for existing channels. We lay out a scenario in which Shopify could deliver GMV growth 300 bps faster than consensus of 23 per cent in 2026, with more aggressive assumptions putting growth closer to 37 per cent. In reality, our view is the a-commerce opportunity will land somewhere in between and benefit Shopify for years to come." Mr. Krishnaratne sees a-commerce "driving a 're-imagining' of retail."