Nikhil Devnani, an analyst from Bernstein, maintained the Buy rating on Maplebear. The associated price target remains the same with $63.00.
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Nikhil Devnani has given his Buy rating due to a combination of factors that suggest potential growth for Maplebear despite recent challenges. The recent partnership between Amazon and Winn-Dixie has raised competitive concerns, but Devnani believes that Maplebear can still maintain its growth trajectory by achieving solid results over the next few quarters. The stock’s current valuation at 8.5x EBITDA and the potential for continued growth around 10% are seen as positive indicators.
Moreover, while Amazon’s expansion into grocery is notable, Devnani points out that similar partnerships have existed without significantly disrupting Maplebear’s operations. The inherent conflict of interest in Amazon’s owned grocery offerings may also limit its ability to fully capitalize on third-party solutions, which could benefit Maplebear. Overall, Devnani views the recent stock sell-off as an overreaction, suggesting that Maplebear’s strategic positioning and execution could eventually alleviate market concerns.
In another report released on September 20, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $46.00 price target.
Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CART in relation to earlier this year.