Wedbush analyst Scott Devitt raised the firm’s price target on Instacart to $35 from $28 and keeps a Neutral rating on the shares. Instacart delivered strong results with total GTV of $8.3B, exceeding the Street’s $8.1B estimate, while adjusted EBITDA of $201M was ahead of consensus by about $47M, the firm says. Management guided Q2 GTV growth in the range of +7% to +9% year-over-year, in line with consensus at the midpoint, while adjusted EBITDA guidance of $180M to $190M was about $16M above the Street’s estimate at the midpoint of the range.
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