Wells Fargo raised the firm’s price target on Instacart (CART) to $45 from $43 and keeps an Equal Weight rating on the shares. The firm expects healthy gross transaction value growth as adoption of grocery delivery market continues to inflect positively. Wells is seeing modest progress on narrowing pricing gap to Amazon (AMZN)/Walmart (WMT), but believes there is still a long way to go. Furthermore, the firm thinks reinvesting ads profits in price would be optimal path.
Meet Samuel – Your Personal Investing Prophet
AMZO: built for a short position on AMZNPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CART:
- Instacart upgraded to Buy from Hold at Jefferies
- Instacart introduces new operating constraints for NYC shoppers
- FedEx Stock (FDX) Lags as Logistics Giant Joins the Same-Day Delivery Race
- DoorDash gas price relief program ‘the right move,’ says BofA
- Uber, Lyft Stocks Skid as U.S. Probes Secret AI Use for Surveillance Pricing