According to Deutsche Bank, Shopify is all the fashion as brands take an increasing interest within the e-commerce platform. Analyst Bhavin Shah updated e-commerce stocks to buy on hold. Shah also raised its price goal by $10 to $50, up 23.5% from Shopify’s closing on Friday. He pointed to Mattel and Supreme as two examples of brands whose presence helps Shopify stay ahead of the broader US e-commerce ecosystem. “Many leading brands are actively looking to migrate or are within the technique of migrating from legacy/competitive solutions and we note that that is in sharp contrast to our conversations during the last twelve months which have consistently highlighted the slowing of the pace of migration,” Shah said in a Sunday note to clients. . Shopify gained over 3% in pre-sales and was up 16.6% in 2023. The stock fell 74.8% in 2022. Shah said certainly one of the largest potential catalysts for the stock is the launch of Commerce Components, which allows large retailers pay for access to the Shopify software, as this could increase migration to the platform. He also said the move could be helped by what he called a “maturing” affiliate network, which in turn helped its status with major retailers, increased brand awareness, and increased Shopify adoption and adoption. Shah expects gross goods value to increase by 9% within the fourth quarter compared to consensus expectations, but growth will likely be “more subdued” on the buyers’ side in 2023 given the expected mild recession. Operating cost growth can also be expected to decelerate in 2023, Shah said. Nonetheless, he said a deeper recession, greater corporate spending, or an Amazon Buy with Prime deal biting into the retail base could affect those expectations for the approaching 12 months. Shopify is predicted to report its fourth-quarter results on February 15. — Michael Bloom of CNBC contributed to this report.