Instacart price target raised to $60 from $55 at Citizens JMP

Citizens JMP raised the firm’s price target on Instacart (CART) to $60 from $55 and keeps an Outperform rating on the shares. Instacart reported strong results as Q2 GTV growth accelerated one point from Q1 and 1% above the high end of guidance, the analyst tells investors in a research note. The company remains disciplined across OpEx outside of marketing spend for demand generation and Citizens expects high incremental margins on revenue gains looking ahead.