BofA analyst Justin Post raised the firm’s price target on Instacart (CART) to $31 from $30 and keeps a Neutral rating on the shares following a “solid post-IPO quarter” that featured a revenue and EBITDA beat. The firm “modestly” raised its Q4 GTV growth forecast to 6% from 5% given improving cohort trends and Q3 results and expects the Street to be more confident in 2024 EBITDA estimates given a higher 2023 base, but continues to prefer DoorDash (DASH) and Uber (UBER), which it says are growing top-line faster and gaining share in grocery.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on CART:
- Instacart (NASDAQ:CART) Stock: Should Investors Turn Cautious?
- Instacart reports Q3 EPS ($20.86), consensus ($12.97)
- Instacart Announces Third Quarter 2023 Financial Results
- Instacart’s FoodStorm and Sprouts Farmers Market partner for holiday catering
- Instacart, Geissler’s Supermarkets announce partnership
Questions or Comments about the article? Write to editor@tipranks.com