Wells Fargo lowered the firm’s price target on Instacart (CART) to $44 from $47 and keeps an Equal Weight rating on the shares. The firm highlights modest raise to Q1 GTV estimates, one point ahead of consensus. Wells assumes similar trends impacting average order values in Q1 continue in Q2, resulting in similar 5% incremental margins. The firm believes retail media ads are quite defensive, but not immune, from macro.
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