Investing.com -- RBC Capital Markets raised its price target on Shopify to $200 from $180, citing strong growth momentum and the potential for the e-commerce platform to exceed market expectations for third-quarter results and fourth-quarter guidance.

The revised target reflects confidence in Shopify’s ability to sustain growth above 30%, supported by resilient merchant sales, pricing increases and opportunities to expand its role in AI-driven commerce.

Shopify has been pushing to position its commerce infrastructure at the centre of AI-powered shopping. Earlier this week, the company expanded access to its product catalogue to more AI agents, allowing shoppers to discover and purchase products through assistants connected to its Shop app. The move builds on its partnership with Meta’s Muse and its Shop Pay checkout technology.

RBC expects Shopify’s recent price increases to add 110 basis points to its annualized growth rate, further supporting its expansion. The bank maintained its Outperform rating, citing the potential for the company’s valuation to rise as investors recognize its sustained growth and AI opportunities.

Shopify is scheduled to report its third-quarter results on November 3. The company reported 34% revenue growth in the second quarter and forecast low-thirties percentage revenue growth for the third quarter.

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