Piper Sandler downgraded Instacart (CART) to Neutral from Overweight with a price target of $41, down from $62. The firm cites the company’s rising competitive pressures from Amazon, Walmart, Uber and DoorDash for the downgrade. Industry dynamics are pitting Instacart against “scaled competitors that may be cheaper and fast-growing peers forging new partnerships,” the analyst tells investors in a research note. Piper believes Walmart’s and Amazon’s products have the potential to be more reasonably priced than Instacart.
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