In a report released today, Doug Anmuth from J.P. Morgan maintained a Buy rating on Maplebear (CART – Research Report), with a price target of $50.00.
Doug Anmuth has given his Buy rating due to a combination of factors that highlight Maplebear’s growth potential and strategic investments. The company’s order growth momentum is strong, driven by an increase in monthly active users and higher order frequency. This growth is further supported by the successful engagement of IC+ members, particularly after the introduction of new services like restaurant orders and minimum order baskets.
Despite the short-term pressure on EBITDA margins due to investments in new use cases and marketing, Anmuth appreciates Maplebear’s focus on long-term growth. The company’s efforts to expand its top-line and integrate loyalty programs, along with other affordability initiatives, are expected to drive customer adoption and retention. Additionally, Maplebear’s valuation, based on future cash flows and EBITDA, presents a compelling investment opportunity compared to its peers, even as it faces competitive risks in the delivery space.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $58.00 price target.