JPMorgan raised the firm’s price target on Instacart to $45 from $35 and keeps an Overweight rating on the shares. The stock has outperformed, up 60% year-to-date, but there is “room for further appreciation,” driven by both estimate increases and a higher multiple, the analyst tells investors in a research note. The firm sees a potential path to double-digit growth in 2024 as mature cohorts stabilize and Instacart moves beyond SNAP headwinds. The company has also moved beyond its lock-up expiration period, and its share buyback program adds stability, says JPMorgan.
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