Maplebear’s Strong Q1 Performance and Strategic Partnerships Drive Buy Rating Amid Economic Uncertainties

Analyst Bernie McTernan of Needham reiterated a Buy rating on Maplebear (CART – Research Report), retaining the price target of $56.00.

Bernie McTernan has given his Buy rating due to a combination of factors including Maplebear’s strong first-quarter performance which exceeded expectations, leading to an upward revision of the 2025 adjusted EBITDA estimates by 4%. The company’s strategic partnerships, such as with Uber for restaurant orders, and adjustments like lowering the minimum threshold for free delivery for Instacart+ subscribers, have contributed to a shift in growth from rate to volume, indicating robust consumer demand.
Additionally, advertising growth has accelerated significantly, outpacing gross transaction value by the largest margin in over a year, although potential macroeconomic uncertainties could impact future advertising growth. Despite these uncertainties, McTernan believes that Maplebear’s gross transaction value trends are strong and should remain resilient even if the broader economic environment deteriorates, making the stock a compelling buy at its current valuation.

In another report released today, Barclays also maintained a Buy rating on the stock with a $61.00 price target.