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  5. SHOP: Many analyst reports on SHOP after investor day. [Shopify Inc. Class A Subordinate Voting Shares]
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Q: Many analyst reports on SHOP after investor day. A mixed bag with maybe a leaning to the downside. What do you make of all this? Stock popped a couple of days ago and then gave it back and more Wednesday. From your take on investor day, what were your impressions? Still a top pick?
Asked on December 11, 2023
5i Research Answer:

After the Investor Day, some analysts commented that there was limited room for multiple expansion, as there were not any meaningful catalysts in the near-term. Having said that, the company continues to win market share of merchants and share of global-ecommerce, and the total addressable market and monetization opportunity remains largely unchanged following the event. We think SHOP is still one of the top-pick for as a leader e-commerce play in the Canadian market. The investor day highlighted how Shopify has significantly reduced expenses
while increasing the velocity of product releases. Although this feat has been nothing short of impressive, some analysts commented that Shopify still likely has some more cards up its sleeve. The company did not provide any long-term targets (which were not expected given management's comments on its last earnings call). Overall, there was not a lot of drama or new insights given during the presentations.