Maplebear (CART): Solid Near-Term Delivery but Mounting 2026 Headwinds Justify Hold Rating

BTIG analyst Jake Fuller has maintained their neutral stance on CART stock, giving a Hold rating on January 9.

Jake Fuller has given his Hold rating due to a combination of factors related to both the near-term and longer-term outlook for Maplebear (CART). He believes the company is positioned to deliver a solid fourth quarter, with gross order volume expected to remain in double-digit growth and EBITDA likely coming in above guidance, supported more by stabilizing average order values than robust order growth. However, he views this quarter as largely in line with past performance rather than a catalyst for a re-rating.

Looking into 2026, Fuller sees a more challenging environment that tempers enthusiasm. Key growth tailwinds such as restaurant delivery integration and the removal of small basket fees will be fully lapped, while competitive pressures intensify as major partners broaden relationships with rival delivery platforms and Amazon expands its perishable coverage. In addition, new minimum pay rules in New York City are likely to lift consumer costs and add friction to demand. Although the current valuation at roughly 8x EBITDA is not demanding and broadly in line with peers, the combination of tougher comps, heightened competition, and regulatory headwinds makes it difficult for him to underwrite sustained double-digit gross order volume growth, supporting his decision to maintain a Hold stance.

In another report released on January 9, Mizuho Securities also maintained a Hold rating on the stock with a $42.00 price target.

Based on the recent corporate insider activity of 64 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.