Bernstein raised the firm’s price target on Instacart (CART) to $48 from $45 and keeps an Outperform rating on the shares. After a tumultuous Q3 with a barrage of competitive headlines, Instacart responded with a good set of results that support the bull case, the firm says. While Bernstein acknowledges that it’s too early to definitively claim that Instacart has shaken off the competitive threat, there has been an acceleration in the guidance range even against Amazon (AMZN)/DoorDash (DASH)/Uber (UBER) headlines and SNAP headwinds.
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