Nov. 11 at 8:56 PM
Maplebear, parent company of Instacart, surged after BMO Capital Markets upgraded the stock to Outperform with a
$58 price target, citing strong order growth and an attractive valuation. Third-quarter adjusted EPS came in at
$0.81, while revenue and net income beat expectations. Orders rose 14% year-over-year, up from 10% last year.
BMO said Instacart’s core grocery business remains healthy, supported by a loyal customer base and AI investments to boost efficiency and cut costs. However, competition from Amazon, Uber, DoorDash, and Walmart continues to weigh on investor sentiment. Wedbush maintained an Underperform rating and lowered its target to
$36, while Piper Sandler downgraded the stock to Neutral from Overweight and cut its target to
$41.
Despite competitive pressure, Instacart’s advertising and enterprise platforms remain key growth drivers. Shares rose 6.4% to
$39.70, their biggest one-day gain since May.
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