Instacart price target lowered to $66 from $67 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Instacart (CART) to $66 from $67 and keeps a Buy rating on the shares. Instacart’s Q3 report highlighted gross transaction value that was better than Street estimates amid healthy order growth and frequency, the analyst tells investors in a research note. Goldman continues to see Instacart as positively exposed to the potential for delivery platforms to enable the digital transition of the grocery industry as consumers increase their adoption of online channels and the rise of retail media networks as an area of growth within the broader digital advertising industry that can continue to attract greater ad/promotion budgets over time.