Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Instacart (CART) to $47 from $57 and keeps an Equal Weight rating on the shares. The firm believes recent stock underperformance prices in some risk to GTV trends, with real competitive impact likely more pronounced in 2026-plus. Instacart is in a difficult competitive situation, boxed in by scaled competitors that see grocery as strategic, Wells adds.
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