Wells Fargo initiated coverage of Instacart (CART) with an Equal Weight rating and $47 price target The firm sees risk to EBITDA estimates from competitive pressures and optimistic advertising growth expectations. Instacart’s offsets are healthy online grocery industry growth and reasonable valuation at current share levels, the analyst tells investors in a research note. Wells says competitive intensity and ad revenue growth headwinds lead it to below-consensus on 2025 and 2026 EBITDA estimates.
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