Instacart initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of Instacart with an Outperform rating and $33 price target. Instacart has the leading share of third-party digital grocery, which is likely to prove sticky, while the grocery industry is massive, with $1.2 trillion of spend last year, the analyst tells investors in a research note. The firm says the company’s advertising opportunity remains early, which can help to expand margins and lower fees for consumers.