Brian Nowak, an analyst from Morgan Stanley, maintained the Hold rating on Maplebear. The associated price target remains the same with $48.00.
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Brian Nowak has given his Hold rating due to a combination of factors related to Maplebear’s recent partnership with OpenAI. This collaboration introduces an innovative agentic grocery shopping experience through ChatGPT, which has the potential to enhance Maplebear’s growth trajectory. However, the current limitations of the product, such as its availability only on mobile web and desktop, and the requirement for users to include ‘Instacart’ in prompts, may hinder immediate widespread adoption.
Furthermore, while the partnership presents a unique opportunity for Maplebear to capitalize on the absence of major competitors like Walmart and Amazon in the ChatGPT space, there are still uncertainties regarding the product’s unit economics and relationship structure. These factors contribute to a cautious outlook, leading to a Hold rating as the market awaits further clarity on the product’s development and its impact on Maplebear’s financial performance.
Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CART in relation to earlier this year.