Loop Capital starts Instacart at Buy on growing market share

As previously reported, Loop Capital analyst Rob Sanderson initiated coverage of Instacart (CART) with a Buy rating and $46 price target. The firm is positive on the company’s wide-margin leadership position in grocery delivery in the U.S. which has also been “gaining share”. While competition from restaurant delivery networks DoorDash (DASH) and Uber (UBER) have been gaining traction with convenience and “top-up” items, they have not cracked the weekly shop use case, the analyst tells investors in a research note. Loop adds that the stock is trading at an “attractive” 40% discount to the average of gig-economy peers on 2025 EBITDA.