As previously reported, Raymond James analyst Josh Beck initiated coverage of Instacart with a Market Perform rating. The analyst notes that the firm recognizes the company’s “impressive” management execution in developing in-depth technology integrations across 1,500 banners that often feature legacy/customized point-of-sale systems with 1B+ lifetime orders and tenured shoppers and also holds a positive bias on Instacart’s potential to expand the advertising business off-marketplace and potentially in-store through innovative eCarts, but it also cites “limited” visibility into the adoption curves to achieve meaningful scale and fundamental upside.
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