Instacart price target lowered to $49 from $58 at BofA

BofA lowered the firm’s price target on Instacart (CART) to $49 from $58 and keeps a Neutral rating on the shares. Gross transaction value grew 10.4% year-over-year in Q3, as restaurants and lower Instacart+ minimums drove greater order frequency, offset by a 4% year-over-year decline in average order value, the analyst tells investors in a research note. The firm added that the company reported a “solid” quarter, though Q3 decelerated while DoorDash (DASH) and Uber Delivery (UBER) growth accelerated.