Shopify's (SHOP) Q1 results and Q2 guidance may exceed analysts' consensus, based on data from several third-party sources, RBC Capital Markets said in a Wednesday note.

US e-commerce sales grew 9.7% in Q1 year over year, and based on the delta between Shopify's performance and the broader e-commerce market, the company's Q1 gross merchandise value is expected to have grown 34.3% from the previous year to $100.4 billion.

Meanwhile, Shopify's total number of merchants increased 11% based on store leads data, while the company appears to be gaining market share from competitors, with key peers dropping 13% from a year ago, according to the note. Further, the Shop app's monthly active users rose 38% from the prior year, while unique website visitors to the platform jumped 34%.

The analysts said they believe Shopify's fundamentals continue to be solid, and robust growth is expected to drive shareholder returns in the long term.

Shopify is expected to release Q1 results on May 5.

RBC maintained the company's stock rating at outperform and price target of $170.

Price: 132.32, Change: +1.19, Percent Change: +0.91