JMP Securities analyst Andrew Boone raised the firm’s price target on Instacart (CART) to $42 from $35 and keeps an Outperform rating on the shares. Instacart reported beat and raise Q1 earnings, with GTV and EBITDA 1% and 24% above the high end of the guidance range, respectively, the analyst tells investors in a research note. Instacart is executing well and lapping tough comps, while its new Uber (UBER) deal creates new optionality as it works to build greater frequency by extending into more use cases, JMP says.
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