Jefferies raised the firm’s price target on Instacart (CART) to $50 from $48 and keeps a Hold rating on the shares. The firm says its cohort analysis of Instacart’s grocery business shows a path to consensus gross transaction volume, with potential upside on incremental contributions from Uber Eats. Jefferies raised estimates to slightly above consensus. However, its keeps a Hold rating on the shares, reflecting less visibility into margins following a recent ramp in marketing efforts and a slower than expected build in high-margin advertising revenue.
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