Instacart price target raised to $52 from $47 at JPMorgan

JPMorgan raised the firm’s price target on Instacart (CART) to $52 from $47 and keeps an Overweight rating on the shares. The company’s Q3 results were strong though the Q4 adjusted EBITDA outlook was below investor expectations, the analyst tells investors in a research note. However, the firm says management reiterated commitment to delivering gradual annual margin improvements as Instacart balances profit with growth investments across affordability, technology and marketing.