Macquarie raised the firm’s price target on Instacart (CART) to $52 from $50 and keeps an Outperform rating on the shares. Instacart beat revenue and gross transaction volume estimates as deeper tech integrations across retailers drove GTV growth of 11%, the analyst tells investors in a research note. Instacart continues to see faster growth from non-exclusive retailers that are more deeply integrated across its product suite, showing that the company is an important growth enabler through complete digitization of grocers’ brick and mortar operations helping future-proof their position to compete better against Amazon (AMZN), Walmart (WMT), and others.
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