Instacart price target lowered to $43 from $47 at Wells Fargo

Wells Fargo lowered the firm’s price target on Instacart (CART) to $43 from $47 and keeps an Equal Weight rating on the shares. The firm views Q4/Q1 GTV acceleration reflective of broader industry trends and estimates Instacart still ceding share to DoorDash (DASH), Uber (UBER), and Amazon (AMZN). Wells expect near-term rebound in shares but sees no change to long-term competition overhang.

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