Instacart price target raised to $44 from $42 at Citi

Citi raised the firm’s price target on Instacart to $44 from $42 and keeps a Buy rating on the shares. Instacart reported better than expected Q1 results with order growth accelerating to 9% year-over-year, driven in part by its revamped and more targeted incentives system, improving cohort comps, and expanding grocery partners, the analyst tells investors in a research note. The firm’s biggest takeaway from the quarter is the continued operational benefits and competitive advantages Instacart has given its long-term grocer/retail partnerships.