BMO Capital analyst Brian Pitz raised the firm’s price target on Instacart (CART) to $48 from $39 and keeps a Market Perform rating on the shares after its Q3 earnings beat. The company’s unit volume once again exceeded expectations in Q3 thanks to its improving supply optionality with Uber (UBER), affordability capabilities unlocking incremental demand, and tech solutions improving grocer margins, the analyst tells investors in a research note.
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