BMO Capital raised the firm’s price target on Instacart (CART) to $36 from $26 and keeps a Market Perform rating on the shares after its Q1 earnings beat. While competition for online grocery is intensifying with Amazon (AMZN), Uber (UBER) and DoorDash (DASH), consumer adoption will follow best-in-class fulfillment capabilities, the analyst tells investors in a research note. Instacart remains an innovator and its advertising growth is healthy, but BMO prefers to see more proof points regarding the company’s Order Growth durability, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CART:
- Maplebear CFO Transition: Giovanni Out, Reuter In
- Instacart Announces First Quarter 2024 Financial Results
- Deutsche expects continued leadership for DoorDash despite Uber/Instacart tie-up
- Loop sees partnership adding to speculation of Uber buying Instacart
- DoorDash falls after Uber partners with Instacart