Seaport Research analyst Aaron Kessler initiated coverage of Instacart (CART) with a Buy rating and $62 price target The firm’s positive view is based on a “massive” grocery total addressable market increasingly shifting online and its belief thatInstacart is the “clear” third-party leader in online groceries in the U.S., the analyst tells investors. The firm believes Instacart offers “a strong value proposition for consumers, retailers, brands, and shoppers” and it expects high-single digit long-term revenue growth with 35%-plus EBITDA margins.
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