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Equity Research: Discount Retailers (May 23, 2025)

This report focuses on discount retailers and highlights key AI developments in the retail sector, with specific analysis for Lowe's Companies, Inc. and Shopify, Inc.

Recent AI Developments in Retail

• OpenAI Enhancements: ChatGPT now features improved product discovery, comparisons, and purchasing options, including enhanced search, reviews, and direct links.
• Lowe’s Technology Pilot: Lowe’s expanded its Style Studio using Apple Vision Pro for real-time kitchen design and modifications in Bay Area stores.
• Shopify AI Tools: Shopify introduced AI-driven tools for quick store setup, logo creation, and design assistance via its AI commerce assistant, Sidekick.

Valuation and Recommendations

• Lowe's Companies, Inc. (LOW): 275 price target (BUY) based on 2026E EPS and EBITDA multiples, reflecting lower margins but higher leverage. Risks include housing affordability, interest rates, and online competition.
• Shopify, Inc. (SHOP): 110 price target (HOLD) from DCF analysis. Risks involve competition, macroeconomic issues, shift to physical stores, and rising interest rates.

AI technologies are increasingly central to retail innovation, driving efficiencies and customer engagement. Core risks and market dynamics are noted for each stock.