Mizuho lowered the firm’s price target on Instacart (CART) to $52 from $55 and keeps an Outperform rating on the shares. The company reported a “mixed” quarter with strong transaction volume guidance, offset by soft EBITDA guidance from on-going investments for growth, the analyst tells investors in a research note. Mizuho believes the outperformance of volume is a positive leading indicator for profitability over time, and it expects a positive compound effect on Instacart’s operating leverage.
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