In a report released yesterday, Jake Fuller from BTIG maintained a Buy rating on Maplebear (CART – Research Report), with a price target of $58.00.
Jake Fuller has given his Buy rating due to a combination of factors that highlight Maplebear’s potential for growth despite some short-term challenges. The company delivered a strong fourth quarter, surpassing its guidance for Gross Transaction Value (GTV) and EBITDA, although it did not meet the elevated expectations of the buyside. This indicates a robust performance that, while not fully aligning with market expectations, still showcases the company’s ability to grow.
Despite a softer outlook for the first quarter’s incremental margins and a lack of a full-year forecast, Fuller sees potential in Maplebear’s long-term growth trajectory. The company’s valuation appears attractive, trading at a modest EBITDA multiple, and it is expected to maintain double-digit topline growth with margin expansion potential. The Buy rating is supported by a valuation that considers a 15x multiple on the 2025 EBITDA estimate, reflecting confidence in Maplebear’s ability to achieve its growth targets over the next few years.
According to TipRanks, Fuller is a 4-star analyst with an average return of 6.0% and a 53.01% success rate. Fuller covers the Consumer Cyclical sector, focusing on stocks such as Expedia, TripAdvisor, and Maplebear.
In another report released today, Needham also reiterated a Buy rating on the stock with a $56.00 price target.