Instacart initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Instacart with an Outperform rating and $36 price target. As the domestic leader in third-party online grocery delivery, Instacart is connecting 1,400 grocers, representing 85% of the US grocery market, with over 7.7M active consumers, the analyst tells investors in a research note. The firm says the company’s early focus on grocery has created a “unique first-mover advantage” relative to other third-party food delivery platforms and is driving an “enticing, profitable unit economic profile.”