BofA raised the firm’s price target on Instacart (CART) to $45 from $41 and keeps a Neutral rating on the shares. Given Bloomberg Second Measure credit and debit card data indicating potential for the company to meet/beat revenue expectations in Q3, and the benefit of rate cuts for consumer spend and sector valuations, the firm is raising its price target for Instacart. However, the firm adds that it continues to prefer faster growing gig economy companies including Uber (UBER) and DoorDash (DASH).
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