As previously reported, BTIG downgraded Instacart (CART) to Neutral from Buy with no price target, citing “ongoing negative competitive developments.” The week started with “yet another competitive announcement” with an ongoing push into the grocery delivery category by Amazon (AMZN), Doordash (DASH) and Uber (UBER), says the analyst, who notes that Instacart partners representing an estimated 25%-plus of Gross Order Volume have signed deals with Amazon, Doordash or Uber in the last two weeks.
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