Instacart upgraded to Buy from Hold at Benchmark

Benchmark upgraded Instacart (CART) to Buy from Hold with a $67 price target. The company’s Q2 results and outlook, including a GTV growth inflection, suggest “it may not matter” whether the company is not sustaining category share, as the firm suspects to be the case, since the company is riding “a secular tailwind gaining momentum each quarter,” the analyst tells investors. Instacart continues to benefit from competitive pressures facing regional/smaller grocers that need its platform to compete with mass merchants and online players like Walmart (WMT) and Amazon Fresh (AMZN), so the trend appears sustainable, the analyst added.