10:48 AM EDT, 10/17/2025 (MT Newswires) -- Shopify's ( SHOP ) Q3 print and Q4 guidance are likely to beat estimates as growth momentum and market share gains continued through the quarter, RBC Capital Markets said in a note Friday.

The company's gross merchandise value is likely to exceed consensus estimates, assuming September ecommerce sales growth is similar to the prior two months. Strength in GMV combined with multi-year low job postings is also expected to drive margin expansion, according to the note.

Channel checks indicated marked Q3 growth in total merchants and Shopify Plus. The increase in "active stores" and overall market share is driven by global traction, point of sale, and enterprise uptake, analysts wrote.

Data points revealed that Shopify POS app monthly active users rose 28% in Q3, while MAU for its ecommerce business app rose 16%. Higher adoption of POS is a driver of the company's monthly recurring revenue growth, according to RBC.

The brokerage said Shopify ( SHOP ) is one of the most compelling organic growth stories in its coverage and reiterated its outperform rating on the stock while boosting its price target to $200 per share from $170.

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