Wolfe Research analyst Deepak Mathivanan upgraded Instacart (CART) to Outperform from Peer Perform with a $35 price target. The risk/reward is attractive at current levels and Wolfe sees several paths for shares to Outperform, including a potential merger with Uber (UBER), the analyst tells investors in a research note. Wolfe thinks Uber could explore a merger with Instagcart in order to accelerate efforts in the critical $1T grocery space and that Uber could buy Instacart for $40 per share and still find the transaction accretive given the synergies.
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