Instacart price target raised to $47 from $45 at Wells Fargo

Wells Fargo raised the firm’s price target on Instacart (CART) to $47 from $45 and keeps an Equal Weight rating on the shares. The firm says Q1 print/Q2 guide reinforced long-term thesis with GTV growth ahead, riding strong grocery delivery industry trends, while margins under pressure. Precise causes of weaker Q2 margins unclear and will need clarification for stock outperformance, in Wells’ view.