$SHOP 10%+ today 85c May calls @ 8.75 -> 14.00+

#Upgrades - Dec 06, 2024 • $ACN: Goldman Sachs Upgrades to Buy from Neutral - PT $420 (from $370) • $ASAN: KeyBanc Upgrades to Sector Weight from Underweight • $BRX: BMO Capital Upgrades to Outperform from Market Perform - PT $33 • $DG: BofA Securities Upgrades to Buy from Underperform - PT $95 • $EPAM: Goldman Sachs Upgrades to Buy from Neutral - PT $295 (from $235) • $FTI: Jefferies Upgrades to Buy from Hold - PT $40 (from $29) • $KC: UBS Upgrades to Buy from Neutral - PT $12.50 (from $4.20) • $PCH: BMO Capital Upgrades to Outperform from Market Perform - PT $51 • $PJT: UBS Upgrades to Neutral from Sell - PT $175 (from $130) • $PTON: UBS Upgrades to Neutral from Sell - PT $10 (from $2.50) • $PUMP: JPMorgan Upgrades to Neutral from Underweight - PT $10 • $RIG: JPMorgan Upgrades to Neutral from Underweight - PT $5 • $RSG: BMO Capital Upgrades to Outperform from Market Perform - PT $238 • $SHOP: Loop Capital Upgrades to Buy from Hold - PT $140 • $SITE: Jefferies Upgrades to Buy from Hold - PT $175 (from $145) • $TKR: Jefferies Upgrades to Buy from Hold • $WSBC: Raymond James Upgrades to Strong Buy from Outperform - PT $44 (from $35) • $WY: BMO Capital Upgrades to Outperform from Market Perform - PT $38

🔸 SHOPIFY- SHOPIFY MERCHANTS GOT $11.5 BLN IN SALES OVER BLACK FRIDAY-CYBER MONDAY WEEKEND - UP 24% $SHOP

#Downgrades - Nov 21, 2024 • $ADNT: BofA Securities Downgrades to Neutral from Buy - PT $24 (from $30) • $GRAB: China Renaissance Downgrades to Hold from Buy - PT $5.40 • $RBC: BofA Securities Downgrades to Neutral from Buy - PT $335 (from $330) • $SHOP: DZ Bank Downgrades to Sell from Hold • $TRV: Janney Downgrades to Neutral from Buy - PT $280 • $ULTA: William Blair Downgrades to Market Perform from Outperform • $WMT: DZ Bank Downgrades to Hold from Buy - PT $91 • $XPEV: Goldman Sachs Downgrades to Neutral from Buy - PT $12.50 (from $11.70)

#Downgrades - Nov 13, 2024 • $AE: B.Riley Downgrades to Neutral from Buy - PT $38 (from $45) • $ANGI: Goldman Sachs Downgrades to Neutral from Buy - PT $2.50 (from $3.25) • $ANGI: Citi Downgrades to Neutral from Buy - PT $2 (from $3.25) • $ARCH: Jefferies Downgrades to Hold from Buy - PT $165 (from $155) • $BCAB: H.C. Wainwright Downgrades to Neutral from Buy • $CAT: Evercore ISI Downgrades to Underperform from In Line - PT $365 (from $321) • $CCLD: Roth/MKM Downgrades to Neutral from Buy - PT $3.50 (from $5) • $COTY: TD Cowen Downgrades to Hold from Buy - PT $8.50 (from $11) • $CPT: Stifel Downgrades to Hold from Buy - PT $121 (from $120) • $DOCS: Canaccord Genuity Downgrades to Hold from Buy - PT $60 (from $40) • $ESAB: Evercore ISI Downgrades to Underperform from In Line - PT $122 (from $102) • $ETN: Evercore ISI Downgrades to In Line from Outperform - PT $389 (from $333) • $IP: BNP Paribas Downgrades to Underperform from Neutral - PT $48.20 • $ITW: Evercore ISI Downgrades to Underperform from In Line - PT $255 (from $246) • $MASS: Leerink Partners Downgrades to Market Perform from Outperform - PT $4 • $PGNY: Truist Securities Downgrades to Hold from Buy - PT $19 (from $26) • $RAPT: Stifel Downgrades to Hold from Buy - PT $2 (from $7) • $SBUX: Redburn-Atlantic Downgrades to Sell from Neutral - PT $77 (from $84) • $SHOP: ATB Capital Markets Downgrades to Sector Perform from Outperform • $SOUN: Ladenburg Downgrades to Neutral from Buy - PT $7 • $SPOT: Phillip Securities Downgrades to Accumulate from Buy - PT $485 (from $420) • $SVRA: Evercore ISI Downgrades to In Line from Outperform - PT $5 (from $7) • $SYRS: Brookline Capital Markets Downgrades to Hold from Buy • $SYRS: H.C. Wainwright Downgrades at Neutral from Buy - PT $1 (from $6) • $SYRS: JMP Securities Downgrades to Market Perform from Outperform • $SYRS: TD Cowen Downgrades to Hold from Buy • $TNK: BofA Securities Downgrades to Underperform from Neutral - PT $46 (from $51) • $WMS: Stephens Downgrades to Equal Weight from Overweight - PT $135

US-LISTED SHARES OF SHOPIFY UP 11.5% PREMARKET AFTER Q3 REV BEAT

$SHOP RESULTS: Q3 🔸 Revenue $2.16B, +26% y/y, EST $2.12B 🔸 Monthly recurring revenue $175M, EST $173.6M 🔸 Merchant Solutions revenue $1.55B, +26% y/y, EST $1.52B 🔸 Subscription revenue $610M, +26% y/y, EST $599M 🔸 Gross merchandise volume $69.72B, +24% y/y, EST $67.78B COMMENTARY AND CONTEXT 🔸 Sees Q4 Rev. Growing at Mid-to-High-Twenties Percentage 🔸 Sees Q4 Free Cash Flow Margin Similar to Q4 2023 🔸 Sees Q4 Revenue to Grow at A Mid-to-High-Twenties % Y/Y 🔸 Sees Q4 Opex as Percentage of Revenue 32% to 33% 🔸 Sees Q4 Gross Profit up at A Y/Y Rate Similar to Q3

#Upgrades - Sep 17, 2024 $ALRS: Raymond James Upgrades to Outperform from Market Perform - PT $24 $APP: UBS Upgrades to Buy from Neutral - PT $145 (from $100) $BANC: Raymond James Upgrades to Outperform from Market Perform - PT $16 $BNTX: Jefferies Upgrades to Buy from Hold - PT $150 (from $96) $CURV: William Blair Upgrades to Outperform from Market Perform $DCOM: Raymond James Upgrades to Strong Buy from Outperform - PT $35 (from $29) $ETR: Barclays Upgrades to Overweight from Equalweight - PT $138 (from $115) $GCI: Citi Upgrades to Neutral from Sell - PT $5.10 $GEV: BofA Securities Upgrades to Buy from Neutral - PT $300 (from $200) $HPE: BofA Securities Upgrades to Buy from Neutral - PT $24 (from $21) $LIVN: Baird Upgrades to Outperform from Neutral - PT $66 (from $55) $LSCC: Stifel Upgrades to Buy from Hold - PT $55 $NYCB: Raymond James Upgrades to Market Perform from Underperform $RLMD: Jefferies Upgrades to Buy from Hold - PT $13 (from $3.50) $SHOP: Redburn-Atlantic Upgrades to Buy from Neutral - PT $99 $SNV: Raymond James Upgrades to Outperform from Market Perform $TCBI: Raymond James Upgrades to Outperform from Market Perform $VBTX: Raymond James Upgrades to Strong Buy from Market Perform