RBC Capital Markets raised its price target on Shopify to $200 from $180, citing strong growth momentum and the potential for third-quarter results and fourth-quarter guidance to beat market expectations. The bank sees Shopify sustaining growth above 30%, supported by resilient merchant sales, pricing increases and opportunities in AI-driven commerce. Shopify recently expanded access to its product catalogue for more AI agents, letting shoppers buy through assistants connected to its Shop app, building on its partnership with Meta's Muse and Shop Pay. RBC expects recent price increases to add 110 basis points to annualized growth and kept its Outperform rating. Shopify reports third-quarter results on November 3, after 34% revenue growth in the second quarter, and forecast low-thirties percentage revenue growth for the third quarter.
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