Mizuho analyst James Lee initiated coverage of Instacart (CART) with an Outperform rating and $55 price target The analyst believes Instacart’s “category-leading position” in grocery delivery is underappreciated at current share levels. Competitive concerns are overstated given the company’s “deep” technology integration with grocers on inventory, combined with its largest transactions data and specialized delivery workforce, which creates an unparalleled user experience, the analyst tells investors in a research note. The firm says that with “significant” total addressable market and low penetration, Instacart is investing for growth by lowering grocery costs while its volume growth has accelerated.
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