Fox Advisors analyst Steven Fox downgraded Instacart to Market Perform from Outperform following the recent rally. The analyst cites valuation for the downgrade with the shares up 59% in just three months. The stock has risen to levels that better reflect Fox’s near-term expectations for EBITDA outperformance versus Street estimates, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CART:
- CART, DASH: 2 Rebounding Delivery Stocks That Can Keep Rising
- Amazon expands same-day pharmacy delivery to NY and LA, WSJ reports
- Instacart initiated with an Outperform at Macquarie
- Instacart price target raised to $45 from $35 at JPMorgan
- Astera Labs & Reddit: Soaring High on the IPO Success Flight