Benchmark raised the firm’s price target on Instacart (CART) to $55 from $53 and keeps a Buy rating on the shares following a Q4 repot that the firm calls “solid across the board,” aside from gross margin pressure stemming from its offsite advertising revenue mix-shift. Instacart, which states they are not being impacted by competition meaningfully, further stated Amazon (AMZN) indexes towards smaller “fill-in” orders and that Amazon’s growth source appears more in store than share shift, the analyst noted.
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