Instacart transaction volumes mostly as expected, says JPMorgan

In its first quarter as a public company, Instacart reported orders and transaction volumes mostly in line, advertising revenue upside, and profitability well ahead of expectations, JPMorgan tells investors in a research note. The firm recognizes the risks around competition and growth, but remains constructive on the secular growth opportunity in online grocery, Instacart’s marketplace leadership position, and strong margin profile. It keeps an Overweight rating on the shares with a $33 price target.