Benchmark Co. analyst Mark Zgutowicz upgraded the rating on Maplebear to a Buy today, setting a price target of $67.00.
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Mark Zgutowicz has given his Buy rating due to a combination of factors that highlight Maplebear’s promising growth trajectory. Despite concerns about the company’s market share, its recent quarterly results and growth in gross transaction value (GTV) indicate that Maplebear is benefiting from a broader industry trend. This trend is driven by regional and smaller grocers increasingly relying on Maplebear’s platform to compete with larger retailers and online giants like Walmart and Amazon Fresh.
Furthermore, Maplebear’s financial performance shows strong leverage fundamentals, with an increase in adjusted EBITDA as a percentage of GTV and revenue. The company’s stable transaction revenue take rate and conservative future assumptions support the potential for valuation upside. Zgutowicz’s model projects a decline in transaction revenue take rate and GTV growth by 2030, yet the overall outlook remains favorable, leading to an upgraded Buy rating and a price target of $67.
In another report released today, Citi also maintained a Buy rating on the stock with a $65.00 price target.