JPMorgan analyst Doug Anmuth initiated coverage of Instacart with an Overweight rating and $33 price target. Instacart is the market leader in online grocery technology, which remains underpenetrated relative to broader e-commerce, the analyst tells investors in a research note. The firm says the company is also well positioned to take advantage of the $200B personal goods advertising opportunity as more budgets move online amid headwinds for traditional linear TV channels.
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