Instacart price target raised to $60 from $55 at Oppenheimer

Oppenheimer raised the firm’s price target on Instacart (CART) to $60 from $55 and keeps an Outperform rating on the shares as product improvements are driving upside to GTV and 2025 estimates remain conservative. The company is leaning into growth via marketing, with Q3 S&M +23% year-over-year vs. Q2’s +6%. While dilutive near-term, Oppenheimer believes it’s the correct strategic move to drive sustained double-digit growth.