Instacart price target raised to $45 from $44 at Macquarie

Macquarie analyst Ross Compton raised the firm’s price target on Instacart to $45 from $44 and keeps an Outperform rating on the shares after the company delivered a beat on the top and bottom lines in Q2 and GTV grew 10% to $8.2B. Strong GTV growth is notable, especially considering the competition from Amazon Prime’s (AMZN) Whole Food delivery service roll out, Uber‘s (UBER) expanded relationship with Costco (COST) and slower seasonal summer months, says the analyst, who now models GTV to grow 10% in FY24.