Instacart price target raised to $51 from $42 at JMP Securities

JMP Securities analyst Andrew Boone raised the firm’s price target on Instacart (CART) to $51 from $42 and keeps an Outperform rating on the shares. Instacart reported mixed Q3 results, and while orders accelerated and GTV growth was up 11%, it had a tailwind from Uber (UBER) this quarter, the analyst tells investors in a research note. JMP views estimates as reasonable while there is a path for consistent EBITDA margin expansion and shareholder-friendly capital returns.