Instacart price target raised to $56 from $49 at Loop Capital

Loop Capital raised the firm’s price target on Instacart (CART) to $56 from $49 and keeps a Buy rating on the shares. The firm contends that the company is positioned to maintain leadership in helping grocers migrate their businesses to better serve digital consumers, also noting that Walmart’s (WMT) success in the sector is encouraging and likely signals an accelerated pace of development for other grocers, the analyst tells investors in a research note. Grocers that lean into digitization have potential to improve operational efficiency and gain share against slower moving peers, the firm adds.