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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CART:
- Charter to acquire Liberty Broadband, Spotify reports Q3 beat: Morning Buzz
- Instacart and Geissler’s Supermarkets announce rollout of Caper Carts
- Instacart price target raised to $58 from $50 at Piper Sandler
- Instacart price target raised to $48 from $39 at BMO Capital
- Instacart price target raised to $60 from $55 at Oppenheimer