BMO Capital raised the firm’s price target on Instacart (CART) to $36 from $26 and keeps a Market Perform rating on the shares after its Q1 earnings beat. While competition for online grocery is intensifying with Amazon (AMZN), Uber (UBER) and DoorDash (DASH), consumer adoption will follow best-in-class fulfillment capabilities, the analyst tells investors in a research note. Instacart remains an innovator and its advertising growth is healthy, but BMO prefers to see more proof points regarding the company’s Order Growth durability, the firm added.
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