Instacart price target raised to $56 from $48 at Barclays

Barclays raised the firm’s price target on Instacart (CART) to $56 from $48 and keeps an Overweight rating on the shares post the earnings report. The firm says Instacart shares are finally starting to reflect the solid fundamental story, yet its 11-times EBITDA valuation still trails the peer group “by a whopping 50%.” The breadth and depth of the company’s offering “show how big of an uphill battle their competitors face, who broadly position grocery as an add-on in their offerings,” the analyst tells investors in a research note.