Loop Capital raised the firm’s price target on Instacart (CART) to $58 from $52 and keeps a Buy rating on the shares to reflect higher GTV growth, higher advertising contribution and higher margin based on results and guidance. While the firm says its bullish view on the stock is based “purely on Instacart’s opportunity as a stand-alone company,” Loop adds that it sees “many reasons” why a merger into Uber (UBER) would make sense, including price, as well as a few reasons why it would not, especially as the founder’s successor is moving onto a bigger opportunity at OpenAI. The firm thinks that an eventual combination of Instacart and Uber “is more likely than not,” the analyst tells investors.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CART:
- Instacart price target raised to $57 from $55 at Citi
- AI Daily: Nvidia says losing China AI market would be ‘tremendous loss’
- Maplebear CEO Fidji Simo Announces Resignation
- Instacart CEO Fidji Simo to step down, says new CEO to be announced ‘soon’
- Instacart CEO Fidji Simo named OpenAI’s CEO of Applications