Instacart price target lowered to $60 from $65 at Oppenheimer

Oppenheimer lowered the firm’s price target on Instacart (CART) to $60 from $65 and keeps an Outperform rating on the shares. While GTV was slightly ahead, the firm notes investors were looking for more growth, while advertising remains lackluster. Instacart is seeing early benefits from growth initiatives, with Q4 orders 3%/2% above Oppenheimer/Street and guiding Q1 orders faster than GTV. While Q4 EBITDA was 7%/5% above the firm/Street, product investments driving Q1 EBITDA 9%/5% below. Given constructive order commentary, Oppenheimer is increasing its 2025/2026 order growth estimates by 5%/9%, though partially offset by 4%/5% lower AOV.