BofA analyst Justin Post raised the firm’s price target on Instacart (CART) to $31 from $30 and keeps a Neutral rating on the shares following a “solid post-IPO quarter” that featured a revenue and EBITDA beat. The firm “modestly” raised its Q4 GTV growth forecast to 6% from 5% given improving cohort trends and Q3 results and expects the Street to be more confident in 2024 EBITDA estimates given a higher 2023 base, but continues to prefer DoorDash (DASH) and Uber (UBER), which it says are growing top-line faster and gaining share in grocery.
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