Shopify stock holds Outperform rating as OpenAI enables ChatGPT shopping

Investing.com - Oppenheimer maintained its Outperform rating and $180.00 price target on Shopify (NASDAQ:SHOP) following OpenAI’s announcement about new shopping capabilities within ChatGPT.

OpenAI revealed that Shopify merchants in the United States will now be able to sell their products directly through ChatGPT conversations, potentially exposing them to approximately 70 million monthly active U.S. users of the AI platform.

The integration is expected to enhance product discovery and conversion rates for Shopify merchants, potentially allowing the e-commerce platform to capture additional market share as AI-assisted commerce grows as a percentage of overall consumer spending.

OpenAI will charge merchants a small transaction fee for completed purchases, with transactions processed through Stripe. While this arrangement may limit direct monetization opportunities for Shopify, merchants will have the option to direct sales through their online stores, which would benefit Shopify.

Oppenheimer noted that Shop Pay could potentially become a payment option alongside currently showcased methods like Apple Pay, and Shopify might collect partner fees through the arrangement.

In other recent news, Apple Inc. has been the subject of various developments that could interest investors. Evercore ISI has raised its price target for Apple to $290 from $260, maintaining an Outperform rating. This decision is based on a strong potential for the iPhone refresh cycle, as highlighted by their consumer survey, which shows increased interest in hardware upgrades. In contrast, Jefferies has reiterated a Hold rating with a price target of $205.82, noting signs of slowing momentum for Apple’s new iPhone lineup, particularly the iPhone 17 Pro, in China and Hong Kong. Meanwhile, BofA Securities has maintained a Buy rating with a $270 price target, citing promising demand signals for the iPhone 17 series, supported by increased carrier incentives.

Additionally, Apple is reportedly developing a ChatGPT-like app to test a major Siri redesign, with the internal app code-named "Veritas." This app is being used to evaluate new capabilities for Siri, including searching personal data and performing actions within apps. Furthermore, Apple may be exploring a potential investment in Intel Corp., though Gene Munster from DeepWater Asset Management suggests that the motivation is likely political rather than strategic. These discussions with Intel are said to be in the preliminary stages and could involve collaboration in chip manufacturing and design.

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