Online retail giant Amazon.com Inc. (AMZN.O) could face a viable competitor in Shopify Inc. (SHOP.TO), according to KeyBanc analyst Josh Beck.

KeyBanc’s checks and bottom-up segment model suggest Shopify’s gross merchandise volume will eventually rival Amazon’s first-party sales, Beck wrote in a note to investors Sunday. “Overwhelmingly positive” feedback from partners, developers and merchants at three recent industry conferences prompted Beck to raise his 2020 revenue estimates and lift his price target on the stock to US$350 from US$300.

Shopify unveiled an “impressive array of product launches” for its e-commerce platform, including “complex” shipping automation capabilities, multi-currency features and improved developer tools, Beck said. He estimates the company’s market share could triple to about 9 per cent within five years.

KeyBanc has an overweight rating on Shopify’s stock, which had gained 127 per cent year to date through Friday’s close in New York. The Ottawa-based company’s shares hit a record high on June 20 after it announced plans to spend US$1 billion to set up a network of fulfilment centers in the U.S.