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Shopify Inc. (NASDAQ:SHOP) is one of the 10 Best Fintech Stocks to Invest In According to Billionaires. On April 21, RBC Capital reaffirmed its Outperform rating on Shopify Inc. (NASDAQ:SHOP) with a price target of $170 on the stock. This update comes after stronger growth in US e-commerce data.

According to the report by the US Census Bureau, non-store sales increased 13.2% year-over-year in March. This was higher than the growth of 8.6% seen in February and 7.2% in January. For the first quarter, US e-commerce sales reached $380 billion, rising 9.7% compared to the same period last year. This was also an improvement from 6.5% growth in the fourth quarter of 2025.

RBC Capital said the data suggests that Shopify Inc.’s (NASDAQ:SHOP) gross merchandise volume (GMV) grew 34.3% year-over-year to $100.4 billion. This is 1.8% above market expectations of $98.7 billion. The research firm said that Shopify Inc.’s (NASDAQ:SHOP) gross payment volume has been growing higher than GMV, supported by higher adoption of its payment services and offline momentum.

According to RBC Capital, Shopify Inc. (NASDAQ:SHOP) is expected to continue growing its GMV faster than the US e-commerce market. This view is supported by the company’s growing traction with large enterprises, expansion into international markets, and moves into new areas like point-of-sale and business-to-business.

Shopify Inc. (NASDAQ:SHOP) is a Canadian multinational commerce and financial technology company that offers an all-in-one e-commerce platform and a wide range of financial tools and services.

While we acknowledge the potential of SHOP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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