Instacart price target raised to $35 from $33 at JPMorgan

JPMorgan raised the firm’s price target on Instacart to $35 from $33 and keeps an Overweight rating on the shares. The company reported solid Q4 results transaction volume upside and improved profitability, the analyst tells investors in a research note. The firm says that after reducing its workforce by 250 employees, management is focused on reshaping Instacart to focus on long-term efficiency while investing toward future growth across the core business.