Loop Capital raised the firm’s price target on Instacart (CART) to $49 from $46 and keeps a Buy rating on the shares after its Q1 earnings beat last week. The analyst is citing the company’s acceleration in its reported GTV, or Gross Transaction Value, amid normalizing post-pandemic trends. The collaboration with Uber (UBER) is also a positive as it enhances the value of Instacart+ membership and removes the risk of a meaningful investment that would be required to offer take-out delivery on a first-party basis, the firm tells investors in a research note.
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Read More on CART:
- Instacart price target raised to $44 from $42 at Macquarie
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