Instacart initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of Instacart with a Sector Weight rating and no price target. Instacart has established itself as a leader in the grocery delivery space, but category growth is undergoing a transition, which could temper revenue growth over the medium term, the analyst tells investors in a research note. The firm says restaurant delivery is still growing, “but is deeper along the S-curve.”