Instacart price target raised to $40 from $38 at BofA

BofA raised the firm’s price target on Instacart to $40 from $38 and keeps a Neutral rating on the shares after the company reported revenue and EBITDA above Street forecasts. However, the Q2 GTV outlook at $8.0B-$8.15B was below the Street’s $8.16B forecast and suggests some GTV deceleration, the analyst tells investors. While noting that the firm is raising its price target for higher profits, it continues to prefer faster growers in the gig sector that are growing close to 20%.