Nikhil Devnani, an analyst from Bernstein, maintained the Buy rating on Maplebear. The associated price target was lowered to $45.00.
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Nikhil Devnani has given his Buy rating due to a combination of factors impacting Maplebear’s current and future performance. Despite the challenges faced in the upcoming quarter, such as potential disruptions from SNAP and increased competition from major players like Amazon and Uber, Devnani believes these issues are temporary and quantifiable. The company’s ability to maintain stable growth in Gross Transaction Value (GTV) and its strategic value, including a loyal customer base and strong relationships with consumer packaged goods companies, contribute to a positive long-term outlook.
Furthermore, Devnani suggests that management can mitigate current concerns by providing more detailed disclosures on the impact of SNAP, demonstrating resilience in competitive markets, and considering stock buybacks. Although the immediate outlook may seem challenging, the stock is currently at a low multiple, and with effective execution in the coming quarters, Maplebear could counter the bear case. The potential for reinvestment in 2026 to strengthen its market position also supports the Buy rating, indicating confidence in the company’s strategic direction and future growth potential.
In another report released on November 4, Benchmark Co. also reiterated a Buy rating on the stock with a $67.00 price target.