The analysis focuses on Shopify (SHOP) stock, projecting potential price targets for the end of 2026. While the current sentiment is hopeful, with the stock up 51% in 2025, the analysis explores scenarios where the forward P/E multiple declines. A decrease to a P/E of 75 could still see the stock price rise to $174, while a decline to 60 could lead to a price of $139. A more pessimistic scenario, with a P/E of 50, suggests a potential fall to $116. The analysis acknowledges that such high valuations carry downside risks, particularly if consumer spending headwinds impact profitability and investor sentiment.