Shopify Likely to Post Q3 Beat on Solid Growth Momentum, RBC Capital Markets Says

10:40 AM EDT, 10/16/2026 (MT Newswires) -- Shopify (SHOP) is likely to post a Q3 beat and higher-than-expected Q4 guidance on robust growth momentum and higher gross merchandise value, RBC Capital Markets said in a Friday research report. Channel checks indicated sustained merchant growth and market share gains in Q3, while recent price hikes imply an incremental 110 basis points boost to annualized growth, according to the note. The company plans to report its Q3 results on Nov. 3. The company's growth trends and increasing uptake of its AI offerings could support a continued higher valuation re-rating, analysts wrote. A decline in job postings and AI token cost management through caching and the usage of low-cost, open-source AI models is also expected to support margin expansion, according to RBC. The brokerage said it reiterated its outperform rating on the stock and raised its price target to $200 per share from $180. Price: 176.89, Change: -1.25, Percent Change: -0.70