Wells Fargo raised the firm’s price target on Instacart (CART) to $55 from $47 and keeps an Equal Weight rating on the shares. The firm says that encouraging early signs that margins remain healthy as AOVs fall suggests a closer look at smaller-basket unit economics likely warranted. Healthy guide dispels growth concerns related to Uber (UBER) Eats comps, for now, Wells adds. NYC min wage ruling remains a risk.
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