Instacart price target raised to $52 from $47 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Instacart (CART) to $52 from $47 and keeps an Overweight rating on the shares. Instacart is expected to report Q1 results slightly above the high end of prior guidance for GTV and EBITDA, consistent with recent execution trends, the analyst tells investors in a research note. For Q2, GTV growth is likely to decelerate into the low double-digit range due to tougher comps, though guidance is expected to remain broadly in line with Street expectations, while continued progress in enterprise partnerships and advertising initiatives supports longer-term retailer relationships, the firm says.