Bernstein raised the firm’s price target on Instacart (CART) to $48 from $45 and keeps an Outperform rating on the shares. After a tumultuous Q3 with a barrage of competitive headlines, Instacart responded with a good set of results that support the bull case, the firm says. While Bernstein acknowledges that it’s too early to definitively claim that Instacart has shaken off the competitive threat, there has been an acceleration in the guidance range even against Amazon (AMZN)/DoorDash (DASH)/Uber (UBER) headlines and SNAP headwinds.
Claim 55% Off TipRanks
Forget margin or options. Here's how the pros trade AMZNPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CART:
- Instacart price target lowered to $50 from $65 at Citi
- BMO upgrades Instacart to Outperform citing attractive valuation
- Instacart upgraded to Outperform from Market Perform at BMO Capital
- Resilient Growth and Discounted Valuation: McTernan’s Buy Rating on Maplebear Amidst Competitive Pressures
- Instacart Reports Strong Q3 Growth and Strategic Advances